Member Profile
TRI Cap Portfolio - Syntropharma
First Investment October 2006
Syntropharma was founded in December 2005 by two pharmaceutical industry executives, Andrew Gardiner and David McHoul. The company objective is to develop products based on older generic medicines, which may be significantly improved by reformulation into transdermal (patch) systems.
This approach can dramatically change the profile of many poorly tolerated drugs by improving or removing side-effects, improving patient compliance (a hugh issue in medicine) and thereby increasing real-life efficacy.
March 2012
Syntropharma secures additional investment of more than £385,000, in a number of tranches during late 2011 and early 2012. In excess of £80,000 came from TRI Cap members, with the balance committed by a number of other investors, including Highland Venture Capital and Scottish Enterprise’s Scottish Investment Bank. The investment – which is expected to be followed by a further round later this year – will enable the company to finish the development of its lead compound and should see Syntropharma file with the US authorities (the FDA) in Q1, 2013.
March 2011
Syntropharma secures follow-on funding of £155,000 from existing investors, including TRI Cap. This is enabling funding which will permit the company to complete an outline licensing deal for its transdermal patch which in turn will enable the commencement of Phase 3 clinical trials. The company is also to pursue further funding streams.
February 2010
Syntropharma strikes a deal with a major US distributor for the marketing and distribution of its first transdermal patch. Ranbaxy Pharmaceuticals has acquired rights to the US market in a deal estimated to yield potential total revenues of $37.5 million (£23.4m) over 15 years to Syntropharma. FDA approval is required before the product can be marketed and it is estimated this may be achieved in as little as 14 months. Efforts are now being focussed on the EU market.
January 2010
Syntropharma raises more than £300,000 through a rights issue with existing investors including TRI Cap. In total the round is expected to close at £410k.
Syntropharma will continue in the immediate future to concentrate on its first product, Selegiline, which is used primarily for the treatment of depression and Parkinson’s Disease. The oral version of Selegiline has serious side effects which limit its use: Syntropharma has now completed the development of its own transdermal Selegiline. In 2010 Syntropharma will move to introduce the drug into the EU, with the rights issue funding the process of finding a suitable partner and launching in Europe.
August 2008
TRI Cap joins in a second round of investment for Syntropharma. The deal, with a value totalling £1.25 million, also includes 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.
June 2008
Syntropharma’s founding directors are finalists at the 2008 Ernst and Young entrepreneur awards.
http://www.syntropharma.com:80/
TRI Cap Contact: Gerry McGettigan
Number of TRI Cap Investors: 30
Syntropharma Contact: Andrew Gardiner
Syntropharma Ltd, St Boswells
t: 0845 241 4584
e: info@syntropharma.com
www.syntropharma.com