Syntropharma raises $2.4M in second round of investment

Syntropharma, an early-stage Scottish drug developer focussed on transdermal patch delivery of reformulated generics, has raised 1.2 million ($2.1 million) in a second round of investment funding.

Investors in this round include Scottish Enterprise's Co-Investment Fund, Highland Venture Capital, LINC, Balmoral, ChimaeraBio, and Borders-based business angel syndicate TRI Cap. The legal advisors were Biggart Baillie, MBM Commercial and Innes Mackay.

The proceeds of the financing will be used primarily to fund the final stages of development for Syntropharma's reformulated selegiline transdermal patch and to progress other products in its pipeline, including risperidone - to treat delusional psychosis, and naltrexone - to manage alcohol and opioid dependence. Its lead product is an off-patent monoamine oxidase inhibitor primarily indicated for the treatment of depression, but also with applications in Parkinson's disease.