Syntropharma closes �1.25 million funding

Company seeks to register Selegiline, with FDA in Q2 2009

Sept 08

This funding shows that our investors have confidence in the ability of our expert team to successfully finalise the clinical development of our lead compound, the Selegiline transdermal patch.

Syntropharma, focussed on transdermal patch delivery of reformulated, commercially successful generics, has announced that it has raised �1.25 million in a second round of investment funding.

Investors in this round include Scottish Enterprise’s Co-Investment Fund, Highland Venture Capital, LINC, Balmoral, ChimaeraBio, and Borders-based business angel syndicate TRI Cap. The legal advisors were Biggart Baillie, MBM Commercial LLP and Innes Mackay.

The proceeds of the financing will be used primarily to fund the final stages of development for Syntropharma’s reformulated Selegiline transdermal patch. Additionally, the funds will allow Syntropharma to progress other products in its pipeline, including Risperidone – to treat delusional psychosis (including schizophrenia), and Naltrexone – to manage alcohol and opioid dependence. The Company will be actively seeking developmental and marketing partners during the progression of its product pipeline.

The lead product, Selegiline, is an off-patent monoamine oxidase inhibitor (MAOI) primarily indicated for the treatment of depression, but also with applications in Parkinson’s Disease. Syntropharma is developing a second to market transdermal patch of Selegiline, which offers many advantages over the original oral therapy, the greatest of which is the removal of the dietary restrictions endured by patients receiving oral treatment. A bioequivalence study will be completed this year, generating data for Syntropharma’s first FDA regulatory dossier by Q2 2009.

Andrew Gardiner, Chief Operating Officer of Syntropharma, said: “This funding shows that our investors have confidence in the ability of our expert team to successfully finalise the clinical development of our lead compound, the Selegiline transdermal patch. We believe there is a great deal of potential in this market, as the removal of the dietary restrictions offers the opportunity to take this compound to second or third line use in the treatment of depression. We hope to see revenue from the sales of our first product in 2010.”

Robert Dick, Chairman of TRI Cap, commented: “We are delighted, in association with other existing and new investors, to continue our association with Syntropharma, a company in which Tricap first invested almost two years ago. It is particularly gratifying that this Borders-based business is making such exciting progress in this specialist field.”

Syntropharma is actively seeking partners to assist in the commercialisation of its transdermal Selegiline product in the US and to co-develop its transdermal Risperidone, an atypical antipsychotic medication used for the treatment of delusional psychosis (including schizophrenia).

Further information on the company can be found at its newly refurbished website:
www.syntropharma.com

-ENDS-

Notes to Editors:
About Syntropharma
Syntropharma and is an emerging pharmaceutical company founded in 2005, focussed on taking commercially successful generic compounds used to treat Central Nervous System (CNS) disorders and improving their clinical profile by reformulating them as patch applications which are applied to the skin. Its vision is to develop a stream of first and second to market transdermal products with strong IP that will be out-licensed to pharmaceutical company partners. The Company raised its first private equity investment October 2006 in order to develop transdermal versions of two CNS drugs: Selegiline, for the treatment of depression, and Risperidone, an antipsychotic. Syntropharma expects to complete the development of Selegiline in Q4 2008 and to initiate the process of registration with the FDA (Food and Drug Administration) in the USA in Q1 2009. The Company’s transdermal Risperidone product is due to complete a Phase I study in humans in Q4 2008.

Contacts:
Syntropharma
David McHoul, Commercial Director.
E: david.mchoul@syntropharma.com
T: 44 (0)7913 369 237

College Hill
Adam Michael, Katie Odgaard, Rebecca Walker
E: syntropharma@collegehill.com
T: 44 (0)20 7457 2020