Preliminary Results

Syntopix Group plc
28 September 2006


For immediate release                                          28 September 2006





                              SYNTOPIX GROUP PLC

                          ('Syntopix' or 'the Group')



           PRELIMINARY RESULTS FOR THE 12 MONTHS ENDED 31 JULY 2006



Syntopix Group plc (AIM: SYN), the drug discovery and development group focused
on dermatological diseases,  is pleased to announce its preliminary results for
the 12 month period ended 31 July 2006.



Highlights



•   Successful flotation on AIM in March 2006, via a Placing raising £4 million 
    gross

•   Significant progress in delivery of Group's strategy using reduced risk
    and reduced cost business model

•   Three lead candidates selected for pre-clinical and formulation studies

•   Board and Scientific Advisory Panel strengthened

•   Cash at 31 July 2006 of £3,247,430 (2005: £645,423)



Commenting on the results, Gwyn Humphreys, Syntopix' Chairman, said: 'The last
twelve months have been exciting for Syntopix:  The Group has proved that its
screening methodology identifies strong candidate products; has consolidated its
laboratory capability and moved its operations to Bradford; has a strong patent
portfolio; and is now progressing its lead candidates into pre-clinical
development.



'Syntopix has a strong capability to develop a pipeline of innovative
dermatological products. The funding is now in place to drive its product
candidates through the clinic and into commercial relationships with the
objective of realising significant value for shareholders.'



ENDS



For further information please contact:


Syntopix Group plc                                                 0845 125 9204

Gwyn Humphreys, Chairman
Rod Adams, Chief Executive Officer



KBC Peel Hunt Ltd                                                  020 7418 8900

Megan MacIntyre



Buchanan Communications                                            020 7466 5000

Mark Court, Tim Anderson, Mary-Jane Johnson





Notes to editors




About Syntopix Group plc



Syntopix, a group focused on the discovery and development of drugs for the
topical treatment of dermatological diseases, was founded in 2003 as a spin-out
from the University of Leeds by Dr Jon Cove and Dr Anne Eady, two of the leading
experts in skin microbiology, with initial funding from The Wellcome Trust.



Syntopix' strategy is to seek to reduce the risks and costs of drug discovery
and development by discovering novel uses for known compounds; by concentrating
on compounds and combinations of compounds that have a history of safe use; and
working with compounds that have known properties, for example antimicrobials
and anti-inflammatories. The Group currently has seven pending UK patent
applications.



Syntopix is currently concentrating on acne and Staphylococcus aureus infections
and has identified a pipeline of lead drug candidates that it intends to take
through pre-clinical and, as appropriate, clinical trials. The Group intends to
out-license products to commercial partners on obtaining proof of principle and
to seek co-development partnerships.



The Group is based at the Institute of Pharmaceutical Innovation in Bradford,
giving access to the expertise in skin biology, formulation and toxicology at
the universities of Bradford and Leeds.



Syntopix' shareholders include Techtran Group Limited (a subsidiary of IP Group
plc), The Wellcome Trust Limited, University of Leeds Limited, White Rose
Technology Limited and Ridings Early Growth Investment Company Limited.
Syntopix joined the AIM market of the London Stock Exchange in March 2006.



For further information please visit www.syntopix.com.



Copies of the annual report and accounts



Copies of the annual report and accounts will be sent to shareholders during
October 2006 and will be available at the Registered Office of the Company,
Institute of Pharmaceutical Innovation, University of Bradford, Bradford, BD7
1LD and on the Company's website, www.syntopix.com for one month free of charge
from late October 2006.



CHAIRMAN'S STATEMENT





Introduction

We are pleased to report our maiden preliminary results following Syntopix Group
plc's successful listing on the AIM market of London Stock Exchange plc in March
2006. These results cover the 12 month period from 1 August 2005 to 31 July
2006. During the period under review, and post the period end, Syntopix has made
excellent progress in its drug discovery and development activities and in the
corporate development of the Group.





Our Business

Syntopix' objective is to develop products to address dermatology diseases, in
particular acne and superficial staphylococcal infections, including those due
to MRSA. Our strategy is to identify individual antimicrobial compounds and
synergistic combinations of compounds that already have a history of safe use in
man, possibly in other indications. This strategy is likely to reduce the high
risks and costs of early drug discovery, and reduce the time to market when
compared with conventional drug development.



Central to the delivery of the Group's strategy is a novel screening process
that combines validated antimicrobial and pharmacological tests, allowing early
identification of active compounds and combinations of compounds enabling the
most promising compounds to be fast-tracked as lead candidates for further
studies.



Syntopix has already identified three lead candidates for development, and is
now progressing these into preliminary clinical studies and formulation, with
clinical studies expected to commence in 2007. The Group has patent applications
progressing covering the compounds being taken into development.



The Group believes the dermatology market, with estimated global sales of more
than $10 billion, is particularly attractive, in part because major
pharmaceutical companies have chosen in general to focus their activities on
other, larger therapeutic areas. As a result there has been a lack of innovation
in dermatology along with clear evidence of unmet medical need, creating
significant opportunities for the Group.



Syntopix also carries out some consultancy and contract research services for
companies in the dermatology area. These services are valuable in nurturing
relationships with potential commercial/licensing partners. They maintain
Syntopix' visibility with such companies but the revenues from these services
are not planned to be significant.



The commercialisation strategy at Syntopix is to out-license its products to
significant players in dermatology for sales and marketing following
proof-of-concept clinical studies that will be carried out by the Group or phase
II clinical studies as appropriate.



The Board

In early January 2006 Dr Helen Shaw joined the Board of Syntopix Ltd as a
Non-Executive Director. Helen has many years of experience as Medical Director
at Boots Healthcare International, and brings valuable clinical and
drug-development experience to Syntopix.  In July 2006, we also recruited Dr
Stephen Jones to the Group as Chief Operating Officer. Stephen, who was also
appointed to the Board, is a highly experienced pharmaceutical executive with a
track record in both branded medicine and consumer healthcare and a successful
history of new product development. He was most recently at GlaxoSmithKline
where he held the position of Vice President and Director of Consumer Healthcare
Research and Development.



Financials

In March 2006 the Group raised £3.3 million of new capital, net of expenses, and
was admitted to the AIM market of the London Stock Exchange. This capital will
allow the Group to progress its candidate drug products through pre-clinical
studies and into clinical trials for out-licensing to partners. The spend
profile of the Group is as expected, with modest growth of in-house research
expenditure.



In October 2005 the Group moved its operations to the Institute for
Pharmaceutical Innovation at the University of Bradford, which offers excellent
laboratory facilities sufficient for the foreseeable future needs of the Group.
This move was very cost-effective, as the Group's rent is lower, and it also
qualifies Syntopix for both European and regional grant support.



Outlook

The last twelve months have been exciting for Syntopix: the Group has proved
that its screening methodology identifies strong candidate products; has
consolidated its laboratory capability and moved its operations to Bradford; has
a strong patent portfolio; and is now progressing its lead candidates into
preliminary clinical development.



Syntopix has a strong capability to develop a pipeline of innovative
dermatological products. The funding is now in place to drive its product
candidates through the clinic and into commercial relationships with the
objective of realising significant value for shareholders.







Gwyn Humphreys

Chairman

28 September 2006





CHIEF EXECUTIVE'S REVIEW OF OPERATIONS



Introduction



Over the last twelve months Syntopix has made significant progress in the
discovery and development of innovative drug candidates for the treatment of
acne and staphylococcal skin infections, our principal areas of focus in the
dermatology market. Syntopix, which was founded in 2003, has dedicated its
resources to the discovery and development of therapeutic products against these
indications and we believe the Group is well positioned to create new and much
needed therapies.



The global market for our products is reasonably large with acne accounting for
some 22% of skin disease, or approximately $3.3bn in value. Acne has been
largely regarded as a teenage condition but increasingly recognised problems of
late-onset and persistent acne are expanding the potential market size.
Superficial staphylococcus aureus infections account for some 5% of the market,
with a value of approximately $0.75bn.



During the period under review we have continued to successfully screen
combinations of compounds from our library of approximately 1000 compounds and
now have a pipeline of candidates that have shown synergistic actions against
Propionibacterium.acnes and/or S. aureus.



To date, management of superficial staphylococcus aureus infections and
prophylaxis of nasal carriage continues to rely heavily upon antibiotics with
associated concerns about rising resistance rates.  Our approach, which uses
synergistic combinations of antimicrobial compounds, has the potential to
mitigate the problem of drug resistance.



The Group has carried out consultancy and contract work for other pharmaceutical
companies throughout the year. Although the revenue has been modest at £31,914
(2005: £61,156) the relationships formed with the companies for which we have
carried out this work could be the basis for future partnerships or
collaborations. Discussions have also taken place with several potential
partners in other pharmaceutical companies who have interests in the
dermatological area.



Discovery and Development



During the year we have made significant scientific advances, culminating in the
selection of three lead candidates from our portfolio to enter formulation and
pre-clinical trials. It is intended that these will commence clinical trials in
early 2007.



Our first candidate, SYN-24-0017, is an anti-oxidant present in a wide variety
of foods and cosmetics. It will enter pre-clinical development as a remedy for
the prevention and treatment of S. aureus infections.



Our second candidate is a synergistic combination of SYN-24-0017 with a metal
salt that will be developed as a topical treatment for acne vulgaris.



The third candidate, which will also be developed as a treatment for acne, will
be a synergistic combination of SYN-24-0401 and SYN-24-0016 or SYN-24-0017
(previously SYN-24-0403) (or its salt). SYN-24-0401 is an anti-fungal ingredient
in personal healthcare products.  SYN-24-0016 is an oxidising agent present in a
number of pharmaceutical preparations. The Board has decided to substitute
SYN-24-0016 or SYN-24-0017 for SYN-24-0403 due to stronger IP protection over
the combination of SYN-24-0401 and SYN-24-0403.



Intellectual Property



We have continued throughout the year to file for patents based on the growing
pipeline of new synergistic combinations of compounds. At the year-end we had 7
submitted patents.



Financials



The balance sheet was strengthened considerably in March 2006 with the flotation
on AIM. The Placing at the time of the flotation raised £3.3 million net of
expenses through the issue of 2,259,887 ordinary shares at a Placing Price of
177p.



Turnover in the period was £31,914 (2005: £61,156) and the net loss was £910,846
(2005: net loss £99,660), equating to a loss per share of 21.6p (2005: loss per
share of 3.7p). Net cash as at 31 July 2006 was £3,247,430 (2005: £645,423).



Staff levels have been increased during the financial year, with the addition of
an administrator, a part-time technician and a Chief Operating Officer, and
subsequent to the year end we appointed an additional research scientist.
Overhead costs however remain as forecast, due in part to the move from our
previous high cost premises at Leeds University to low cost purpose built
offices and laboratories at the Institute of Pharmaceutical Innovation at
Bradford University.



The Group qualifies for repayable R&D tax credits amounting to £86,000 for the
year in respect of its research activity.



Conclusion



We have continued to invest in the research and development of our drug
candidates and this will increase as we enter the formulation and clinical
stages of our product development. The current financial year will be a pivotal
year for Syntopix and we look forward with confidence to the opportunities ahead
both in terms of the development of our product portfolio and of our commercial
relationships







Rod Adams

Chief Executive Officer

28 September 2006



CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the year ended 31 July 2006




                                                                             Year ended          Year ended
                                                                                31 July             31 July
                                                                                   2006                2005
                                                Notes                                 £                   £

TURNOVER                                                                         31,914              61,156
Research and development costs                                                (493,645)           (171,075)
Administrative expenses                                                       (592,150)           (105,563)
Other operating income                                                            2,949             111,565

OPERATING LOSS                                                              (1,050,932)           (103,917)
Interest receivable                                                              53,993               4,257
Interest payable                                                                   (76)                   -

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

                                                                              (997,015)            (99,660)
Taxation                                                                         86,169                   -

LOSS FOR THE FINANCIAL PERIOD                                                 (910,846)            (99,660)


LOSS PER SHARE
Basic and diluted                               2                               (21.6p)              (3.7p)




No separate statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the profit and loss account.



As explained in the accounting policies (basis of consolidation) the profit and
loss account has been prepared using merger accounting principles and is
presented as if the Group had been in existence throughout the current and prior
periods.



All Group activities relate to continuing operations.





CONSOLIDATED BALANCE SHEET

as at 31 July 2006




                                                                                       At                  At
                                                                                  31 July             31 July
                                                                                     2006                2005
                                                   Notes                                £                   £

FIXED ASSETS
Tangible assets                                                                   121,041                   -

CURRENT ASSETS
Debtors                                                                           123,976               7,150
Cash at bank and in hand                                                        3,247,430             645,423

                                                                                3,371,406             652,573

CREDITORS: Amounts falling due within one year

                                                                                (230,493)            (47,599)

NET CURRENT ASSETS                                                              3,140,913             604,974

TOTAL ASSETS LESS CURRENT LIABILITIES                                           3,261,954             604,974
CREDITORS: Amounts falling due after more than one
year
                                                                                        -            (62,101)
PROVISION FOR LIABILITIES AND CHARGES                                                   -                   -

NET ASSETS                                                                      3,261,954             542,873


CAPITAL AND RESERVES
Called up share capital                                                           568,398             264,788
Share premium account                                                           3,379,046                   -
Merger reserve                                                                    337,935             390,664
Profit and loss account                                                       (1,023,425)           (112,579)

EQUITY SHAREHOLDERS' FUNDS                         3                            3,261,954             542,873










CONSOLIDATED CASH FLOW STATEMENT

for the year ended 31 July 2006




                                                                               Year ended          Year ended
                                                                                  31 July             31 July
                                                                                     2006                2005
                                                   Notes                                £                   £

Cash outflow from operating activities             4                            (878,390)            (77,580)
Returns on investments and servicing of finance

                                                   5                               53,917               4,257
Capital expenditure and financial investment

                                                   5                            (141,346)                   -

CASH OUTFLOW BEFORE FINANCING

                                                                                (965,819)            (73,323)
Financing                                          5                            3,567,826             704,633

INCREASE IN CASH IN THE PERIOD                                                  2,602,007             631,310






RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS


                                                                               Year ended          Year ended
                                                                                  31 July             31 July
                                                                                     2006                2005
                                                   Notes                                £                   £

Increase in cash in the period                                                  2,602,007             631,310
Cash outflow/(inflow) from decrease/(increase) in
debt financing
                                                                                   62,101            (62,101)
Other non-cash movements                                                                -              12,916

MOVEMENT IN NET FUNDS IN THE PERIOD

                                                   6                            2,664,108             582,125
NET FUNDS AT THE BEGINNING OF THE PERIOD

                                                   6                              583,322               1,197

NET FUNDS AT THE END OF THE PERIOD

                                                   6                            3,247,430             583,322






NOTES



1          ACCOUNTING POLICIES



BASIS OF ACCOUNTING

The financial information contained in this report has been prepared under the
historical cost convention and in accordance with applicable accounting
standards in the United Kingdom.



The financial information on the Group set out above does not constitute '
statutory accounts' within the meaning of section 240 of the Companies Act 1985.
  The financial information for the year ended 31 July 2006 has been extracted
from the Group's audited consolidated statutory accounts.  Those accounts, upon
which the auditors, BDO Stoy Hayward LLP, issued an unqualified opinion, will be
delivered to the Registrar of Companies for England and Wales following the
Group's Annual General Meeting.



BASIS OF CONSOLIDATION

The Group's financial statements consolidate the financial statements of
Syntopix Group plc and all its subsidiaries made up to 31 July 2006.  No
separate profit and loss account is presented for Syntopix Group plc as
permitted by Section 230 of the Companies Act 1985.  The Group loss for the
period includes a loss after tax of £120,539 which is dealt with in the
financial statements of the parent company.



The Company was incorporated on 16 December 2005 as Pop Tart Limited and passed
a special resolution to change its name to Syntopix Group Limited on 4 February
2006.  On 15 March 2006, Syntopix Group Limited entered into a share for share
exchange agreement with the shareholders of Syntopix Limited, whereby Syntopix
Group Limited acquired the entire issued share capital of Syntopix Limited and
its subsidiaries, the consideration being satisfied by the allotment of ordinary
shares in Syntopix Group Limited to the shareholders of Syntopix Limited.  On 16
March 2006 the Company was re-registered as a public limited company under the
name of Syntopix Group plc.



This acquisition has therefore been accounted for as a merger as permitted by
Financial Reporting Standard 6 as if the Group (as currently constituted) had
been in place throughout the whole of the period covered by these financial
statements.  As such, the results for the year ended 31 July 2006 have been
presented as though Syntopix Limited and its subsidiaries had always been part
of Syntopix Group plc, even though Syntopix Group plc itself was only
incorporated on 16 December 2005.



BASIS OF COMPARITIVE INFORMATION

The comparative consolidated profit and loss account has been presented as if
the merger took place on the first day of each financial period presented and as
though the Group had been in existence throughout these periods. The figures for
the year ended 31 July 2005 have been extracted from the audited Syntopix
Limited accounts adjusted for the shares issued by the Company as consideration
as if they had always been in issue.



SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied in these preliminary results are
consistent with those that have been applied in the financial statements for the
year ended 31 July 2006 and aside from the presentation of comparative
information as set out above, are consistent with those adopted in the financial
statements for the year ended 31 July 2005.



2    BASIC AND DILUTED EARNINGS PER SHARE


                                                                                         2006              2005
                                                                                            £                 £

Loss for the financial period                                                       (910,846)          (99,660)


Weighted average number of shares                                               No. of shares            No. of
                                                                                                         shares

For basic and diluted earnings per share                                            4,211,384         2,647,879




The comparative figures are proforma based on the number of shares that would
have been in issue had the capital structure of the new parent company always
been in place.



3    RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS


                                                                                         2006              2005
                                                                                            £                 £

Group
Loss for the period                                                                 (910,846)          (99,660)
Proceeds from issue of shares                                                       4,136,213           264,788
Share issue expenses                                                                (453,557)               (4)
Merger reserve arising                                                               (52,729)           390,664

Net addition to shareholders' funds                                                 2,719,081           555,788
Opening shareholders' funds                                                           542,873          (12,915)

Closing shareholders' funds                                                         3,261,954           542,873






4    RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING
ACTIVITIES


                                                                                         2006              2005
                                                                                            £                 £

Operating loss                                                                    (1,050,932)         (103,917)
Depreciation                                                                           20,305                 -
(Increase) in debtors                                                                (30,657)           (7,146)
Increase in creditors                                                                 182,894            33,483

NET CASH OUTFLOW FROM OPERATING ACTIVITIES                                          (878,390)          (77,580)






5    ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW


                                                                                         2006              2005
                                                                                            £                 £

RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received                                                                      53,917             4,257

NET CASH INFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE                   53,917             4,257

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of tangible fixed assets                                                   (141,346)                 -

NET CASH OUTFLOW FOR CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT                   (141,346)                 -

FINANCING
Issue of share capital (net of expenses)                                            3,629,927           642,532
(Loans repaid)/loans received                                                        (62,101)            62,101

NET CASH INFLOW FROM FINANCING                                                      3,567,826           704,633






6    ANALYSIS OF NET FUNDS


                                                                       At                                     At
                                                                 1 August                                31 July
                                                                     2005           Cash flow               2006
                                                                        £                   £                  £

Cash at bank                                                      645,423           2,602,007          3,247,430
Debts : amounts falling due after more than one year             (62,101)              62,101                  -

                                                                  583,322           2,664,108          3,247,430





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