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  • BY: Andrew Hore |
  • POSTED: 06/05/2011 |

Skin treatments developer Syntopix has raised 2m at 4p a share to finance an acquisition and provide working capital for the group.

Syntopix is paying 900,000 in cash (259,000) and shares (641,000) for Yorkshire-based Leeds Skin Centre for Applied Research. Leeds Skin runs a testing facility and provides laboratory services and it generated turnover of 514,000 in the nine months to December 2010. The operating profit was 149,000 and the acquisition should be earnings enhancing.

Leeds Skin has its own LabSkin technology, which is a unique human equivalent skin which can be used to model various properties associated with human skin.  This will help Syntopix develop its products.

Leeds Skin founder Dr Richard Bojar will become chief scientific officer of Syntopix.

The par value of the shares is being reduced from 10p to 1p in order for the new shares to be issued.

After the placing Syntopix will have 2.49m in cash.

At 51.5p a share, Syntopix is currently valued at 5.52m.

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