Losses narrow at Syntopix

29 November 2010
Losses narrow at Syntopix

Bradford-based Syntopix reports improved performance

Bradford-based pharmaceutical research and development company Syntopix has posted a pre-tax loss of £1.1m for the financial year ended 31 July 2010. It is an improvement on its £1.26m loss for 2009. But revenue fell from £190,000 to £151,000.
Stephen Jones, chief executive of the company, said: "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 multibillion-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.

"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."

Syntopix had a year end cash balance of £1.7m (2009: £894,000).