Oral health and dermatology specialist Sinclair Pharma is raising £25 million and buying two products from Belgium’s Solvay Pharmaceuticals.
Oral health and dermatology specialist Sinclair Pharma is raising £25 million and buying two products from Belgium’s Solvay Pharmaceuticals.
Fully-listed Sinclair is to raise the money in a placing and open offer at a discounted 32p to buy Flammazine, a sterile topical cream to treat and prevent infections in burn wounds, and Flammacerium, which seeks to do the same job for extensive burn wounds. Solvay is selling the two for a combined €17.5 million (£16.3 million) and Singer Capital Markets is underwriting the placing and open offer.
Sinclair, which turned a £600,000 loss into £3.2 million pre-tax profits in the six months to last December, but more recently warned full-year results would be affected by de-stocking in the industry, says it is also ‘in the advanced stages’ of negotiating a new £9 million debt facility. At the same time, Dr. Michael Flynn is retiring after nine years as chief executive officer of the company, to be replaced by Christopher Spooner, co-founder and hitherto chief executive officer of US-owned healthcare concern HealthCor Management UK.
