LONDON (Thomson Financial) - Syntopix Group plc, the AIM-listed company
focused on antimicrobial pharmaceutical research and development, said it plans
to raise 1.5 million pounds after placing of 2 million shares at 75 pence per
share.
The funds raised will be used for additional working capital to fund
Syntopix Group's ongoing research and business development activities and to
maintain and further developing Syntopix' intellectual property portfolio.
The company has requested a general meeting so that it can request
shareholder approval for the placing.
The company has recently announced that it has entered into a joint
development agreement with Procter & Gamble Co, the world's largest consumer
goods product company, to investigate the use of Syntopix Group's antimicrobial
technology with the objective of improving the efficacy of one of Procter &
Gamble's major consumer healthcare brands.
In a statement the company said that without completion of the placing, the
working capital currently available to Syntopix Group is not sufficient for its
requirements for the next 12 months following the date of this announcement.
Since the publications of the Interim Results, Syntopix Group has traded in
line with expectations.
ben.deighton@thomsonreuters.com
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