Cash rich Syntopix cuts losses
SYNTOPIX chief executive Stephen Jones insisted the company is in a “strong commercial position” today after cutting pre-tax losses to £1.1m.
The company has seen its cash balance rise to £1.74m after a successful share placing raised £2m for the firm which develops chemical compounds used in acne, gingivitis and body odour treatments.
Operating losses at the University of Leeds spinout fell from £1.29m to £1.11m for the year to the end of July but while new commercial agreements generated revenues worth £151,000 this was down from £190,000 the previous year.
Speaking to TheBusinessDesk.com, Dr Jones said Syntopix was a “work in progress” but said he was satisfied with its position, despite the fall in revenues.
Dr Jones said Syntopix had made progress on a number of new compounds and was developing them for human use.
“Syntopix’s ongoing strategy and approach to identifying new antimicrobial compounds places the group in a strong commercial position. The acne, oral hygiene, hair care and deodorant markets are all multi-billion pound global opportunities.
“We have selectively added to our compound library over the year and have expanded our screening programmes to encompass a wider range of potential applications. Our library ensures we are in a strong position to work with the multiple brands and companies competing within each sector to address market demand.
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“The group has signed a number of commercial contracts during the period which reflect the value our partners see in our library and clinical studies are currently underway for the most promising compounds.
“The board is confident that these studies will deliver convincing data for existing and potential partners, establishing that Syntopix’s compounds have a commercial future in the treatment of dermatological and consumer healthcare conditions.”
