A drug development company has received further financial support from its directors.
Accounts filed at Companies House for Syntropharma show its pre-tax losses narrowed from £351,232 to £315,592 in the 12 months to February 28, 2012.
The business – founded by former ProStrakan managers Andrew Gardiner and David McHoul – reported no turnover in the financial year, against £65,607 in the prior period, but cut administrative expenses from £431,567 to £308,907.
Products the company is developing include skin patches for central nervous system disorders.
Auditors from PKF said there was a "material uncertainty" over Syntropharma's future funding which casts doubt on its ability to continue as a going concern.
So far Syntropharma has been funded by a bank loan, guaranteed by the Small Firms Loan Guarantee Scheme, and cash injections from its directors.
During the year 13,508 ordinary shares were allotted as part of a £384,662 fundraising to help the development of the company. In the accounts, directors confirmed they had put in a further £218,000 since the year end.
They added: "The ability of the company to continue will ultimately be dependent on the ability of the company to secure new customers.
"The directors are in continual negotiations with the company's shareholders with a view to obtaining further extensions of their financial support."
