RNS Number:7867J
World Life Sciences PLC
11 September 2001 World Life Sciences plc Investment in SynGenix Limited World Life Sciences plc today announced the completion of a #5m funding round
in SynGenix Limited, a leading biotechnology company with advanced
technologies for targeting drugs to the nervous system.
This round was co-led by World Life Sciences plc and Technomark Medical
Ventures with new investors also including funds managed by Yorkshire Fund
Managers Limited, Providence Investment Company, funds managed by Generics
Asset Management Limited, Cambridge Research and Innovation Limited and Mr
Martin Bloom.
SynGenix 'ProVector' technology provides a means of targeting drugs to the
nervous system allowing a larger quantity of the drug to get to the intended
site of action, improving the efficacy while reducing side effects. Funds
raised in this round will permit the company to progress products for acute
and chronic pain into Phase I clinical trials over the coming 24 months and to
develop related technologies addressing other important medical needs.
The Directors of World Life Sciences plc stated: "SynGenix's targeting
technologies represent a major step in the development of new drugs to treat
diseases of the nervous system. These technologies can be applied to, not only
existing drugs, but to many of the new drugs under development. Our investment
in SynGenix gives World Life Sciences a significant position in one of the
leading companies developing platforms for the fast growing, high value market
for drugs to treat neurological diseases." Tom Saylor, CEO of SynGenix, added, "SynGenix 'ProVector' delivery systems
will provide the platform for a new generation of drugs for treatment of pain
and neurological disease. World Life Sciences plc, together with the other
incoming investors, bring not only the financial base necessary to progress
SynGenix lead candidates into the clinic but extensive experience in the
clinical development process." For further information, please contact: World Life Sciences plc: Tel: +44 (0) 20 7702 5544 SynGenix Limited: Tom Saylor, Chief Executive Officer Tel: +44 (0) 1223 496 090 Peter Laing, R&D Director Tel: +44 (0) 1223 496 090 |