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Syntopix looking to strengthen revenue streams

Tuesday, 8th March 2011
Pharmaceutical R&D company Syntopix Group plc said it was investigating ways to expand its business offering and strengthen its revenue streams.

The company reported an increase in sales revenue from commercial agreements to 0.16m from 0.10m for the six months to January 31.

Operating loss rose to 0.56m from 0.52m. Reported loss was 0.51m versus 0.45m.

Loss per share was reduced to 4.7p from 5.9p.

The company said its lead dermatological compound SYN1113 had performed equally well and in some cases better than a global brand in a recent clinical study.

Its exclusivity agreement with a world leader in personal care brands continued as the partner company conducted a consumer feedback trial.

This was expected to finish in the second quarter of 2011, when a decision on whether to enter a licensing agreement would be taken. Syntopix said it was optimistic about the outcome.

The company had also entered agreements with Sinclair Pharma and Beiersdorf, both of which offered significant potential for future revenue. Work under the current agreements would be finished before the summer.

CEO Stephen Jones said the company's compounds continued to be of wide interest to the pharmaceutical and healthcare industry and it had signed a number of exclusivity deals across the acne, oral hygiene and deodorant markets.

'The board is currently exploring ways in which Syntopix can expand its business offering and strengthen its revenue streams, and we believe that 2011 could be a transformational year for the group.'

Shares were up 2p at 55.5p.

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