Syntopix makes acquisition and share placing

Pharmaceutical research business Syntopix has bought out the entire issued share capital of Leeds Skin Centre for Applied Research as well as issuing a placing of 50,000,000 new ordinary shares.


Pharmaceutical research business Syntopix has bought out the entire issued share capital of Leeds Skin Centre for Applied Research as well as issuing a placing of 50,000,000 new ordinary shares.

Pharmaceutical research business Syntopix has bought out the entire issued share capital of Leeds Skin Centre for Applied Research as well as issuing a placing of 50,000,000 new ordinary shares.

The placing, to raise £2 million, is to be used to fund the acquisition and provide additional working capital. For the six months ending 31 January, Yorkshire-headquartered Syntopix posted operating losses of £559,000.

AIM-listed Syntopix is to pay a total consideration of £900,000 for Leeds Skin, which runs an independent testing facility specialising in human skin microbiology and human volunteer and clinical dermatology research.

The consideration is to be satisfied by a cash payment of £258,750 on completion and £641,250 in ordinary shares.

Stephen Jones, CEO of Syntopix, says that the acquisition is a pivotal transaction for Syntopix, as the cell biology experience of Leeds Skin will complement Sytopix’s microbiological expertise.

Jones adds: ‘A key attraction was Leeds Skin’s LabSkin technology, a unique human equivalent skin which we can use to model various properties associated with human skin.’

Yorkshire-based Leeds Skin has a client base including Boots, L’Oreal and GlaxoSmithKline company Stiefel.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

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