The company, founded by Andrew Gardiner and David McHoul in 2005, was formed to ‘reformulate’ existing drugs and increase their effectiveness.
The funding will be used by the company to pay for its expansion which will include relocation to new premises, recruitment and marketing initiatives.
The company also hopes to recruit new staff particularly in its marketing and business development departments.
The syndicate which includes Tweed Renaissance Investors Capital (TRI Cap), Highland Venture, Balmoral and Scottish Enterprise’s Scottish Co-Investment Fund have backed the company as they believe that it will grow into a global business.
Andrew Gardiner, chief executive officer of Syntropharma, said: “The traditional model of a pharmaceutical business is to invest huge amounts of money in researching and testing new drugs but this can take years and is very risky for investors.
“We recognise that there are lots of drugs currently available that could be improved by reformulation.
This often significantly enhances their usefulness for both doctors and patients.
“By focusing on these drugs, we are tapping into markets which are already established around the world but more importantly, we have a much quicker route to market.
As a result of the deal Sam Taylor, from Tri Cap has become chairman and Richard Aird, from the same company has also joined the board.
Jim Reid, currently chief executive of Aberdeen-based Haptogen, has also joined as a non-executive director.
© Crimson Business Ltd. 2006
