Syntopix trims 2009 losses

7th Jan 2010 08:43

Drug developer Syntopix said it narrowed pre-tax losses in 2009 and is planning a share sale to fund the development of its products.Pre-tax loss narrowed to £1.26m for the year ended 31 July 2009 from a loss of £1.53m the year before. Turnover for the period increased to £190,000 from £141,000 the corresponding period. The group enters the current year with a cash balance of £894,000.Syntopix added that it has a robust pipeline, with a growing library of over 2,200 compounds. Dr Stephen Jones, Chief Executive Officer, commented, "The group has now established links with two of the world's largest consumer healthcare companies from which we envisage generating revenue streams in the near future.""The successful Phase II cosmetic study completed after the year end is a significant milestone for the group and will contribute to Syntopix entering into further commercial agreements."