Syntropharma
Second round funding of £1.25 million for Syntropharma
TRI Cap has joined in a second round of investment for Borders-based pharmaceutical specialist Syntropharma. The deal, totalling £1.25 million, also included Scottish Enterprise’s Co-Investment Fund, Highland Venture Capital, LINC, Balmoral and ChimaeraBio.
The funding will be used primarily to support the final stages of development for Syntropharma’s patch product, which the company has developed as a new way to deliver established drug therapies. Additionally, the funds will allow Syntropharma to progress other products in its pipeline.
Andrew Gardiner, chief operating officer of Syntropharma, said: “This funding shows that our investors have confidence in the ability of our expert team to finalise successfully the clinical development of our lead compound, the Selegiline transdermal patch. We believe there is a great deal of potential in this market, and 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 TRI Cap first invested almost two years ago. It is particularly gratifying that this Borders-based business is making such exciting progress in this specialist field.”
ENDS