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Syntopix £2m placing to fund Leeds Skin buy

Friday, 6th May 2011
Pharmaceutical research and development company Syntopix Group plc is to acquire commercial testing facility operator Leeds Skin Centre for Applied Research Limited for 0.9m.

It will pay cash on completion of 0.26m and issue 0.64m worth of new shares.

Syntopix announced a placing to raise 2m before costs at 4p a share to fund the acquisition and provide additional working capital.

It plans to divide each existing share into 10 new shares of 1p each.

Leeds Skin is a private company based in Wetherby, Yorkshire. It reported turnover of 0.51m and an operating profit of 0.15m for the nine months to December 31.

Syntopix said the acquisition was expected to be earnings enhancing.

CEO Stephen Jones said, 'The significant cell biology experience of Leeds Skin will complement our own microbiological expertise, aiding development of Syntopix products.'

A key attraction was Leeds Skin's leading LabSkin technology, a 'unique human equivalent skin' which could be used to model anti-inflammatory and anti-ageing properties.

A general meeting has been convened for May 23 to approve the moves.

At 12:05pm: (LON:SYN) Synstar share price was -2.5p at 51.5p

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