Bradford-based pharmaceutical firm cuts costs (From Bradford Telegraph and Argus)

Bradford-based pharmaceutical firm cuts costs

11:27am Monday 15th March 2010 in

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Lower research and development costs at Bradford-based pharmaceutical research company Syntopix Group cut losses in the half year to January 31.

Losses fell from £577,000 in the same period last year to £453,000.

The company is based at Bradford university’s Institute of Pharmaceutical Innovation, and the group wants to raise £2m to help it turn scientific research into commercial products.

The board expects the equity fund raising to be successful to enable Syntopix to progress a number of “exciting” opportunities.

Chief executive Dr Stephen Jones said: “Our established partnerships with major consumer healthcare companies, the interest being generated from our Phase II clinical study, together with the depth of Syntopix’s compound library, positions us well for the next twelve months of development activity and securing licensing deals for products.

“The board is also delighted to welcome Tom Bannatyne as chairman. His strong investment experience will be extremely valuable as the group seeks further funding to progress opportunities within the global consumer healthcare market.”