A pharmaceutical research company has confirmed plans to raise new capital through the issue of new shares to raised around £2m.

Syntopix Group, based at Bradford university’s Insti-tute of Pharmaceutical Innovation, will place nearly three million ordinary shares of 10p each at an issue price of 67p a share.

The company, which is researching and developing compounds for treatments for acne and other skin problems along with oral health and hair care, will use some of the cash to develop its intellectual property portfolio.

Scientists at the company are developing a number of compounds which they hope will open up commercial opportunities in the multi-billion pound international healthcare market.

Last year Syntopix signed a second 12-month exclusive evaluation agreement with a major healthcare company, continued its collaboration with Procter & Gamble and achieved positive clinical results for its acne treatment compound.

Syntopix will use funds raised to undertake further studies on its leading compounds. Its library of compounds now stands at 2,200. The company reduced losses in the six months to January from £577,000 to £453,000.

Syntopix’s board, as well as investors, will be subsc-ribing to the issue. A general meeting will be held on March 31 to get share-holder approval of the scheme.