SYN X Pharma receives $2.9 million from Private Placement

SYN X Pharma Inc. (Toronto) has received 50% of the gross proceeds ($2.9 million) raised from its Private Placement of Special Warrants.

The funds, previously held in escrow, were released upon SYN X Pharma's achieving two of six milestones. These include:

1. Identification of a series of Diabetes markers using the company's Proteomics Discovery Platform, for which patent applications are in process; and
   
2. Confirmation from the U.S. Patent Office that an office action has commenced on the patent for Strokepanel, the company's test to diagnose stroke.

SYN X Pharma Inc. uses its Proteomics Discovery Platform to discover novel therapeutic targets and develop diagnostic and risk assessment tests for applications in preventative medicine and patient management. The company's Strokepanel test is licensed to Genzyme Diagnostics for worldwide manufacture and distribution.

For more information, contact Kris Ralevski of SYN X Pharma Inc. at 905-677-1944 or kralevski@synxpharma.com.

Edited by Jim Pomager
Assistant Editor, Drug Discovery Online