Web Site : http://www.synexus.co.uk/
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Synexus is the largest patient recruitment company in the UK, undertaking clinical trials for pharmaceutical companies and CROs.

AIM Admission document : http://www.synexus.co.uk/pdf/Admission%20to%20trading%20on%20AIM.pdf
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Shares in issue = 21,748,251

Major Shareholders :

IAN SMITH 15.3%

CLOSE VENTURE MANAGEMENT LIMITED 15.2%

ABERDEEN ASSET MANAGERS LIMITED 8.5%

MICHAEL FORT 9.0%

MICHAEL REDMOND 7.4%

MELLON NOMINEES UK LTD 7.07%

BARNARD NOMINEES LTD 7.03%

CANADA LIFE GROUP OF COMPANIES 5.1%
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Pre IPO Research Paper

05/06 PTP 1.4m
05/06 EPS 4.5p

06/07 PTP 2.4m
06/07 EPS 7.7p

This does not allow for any new overseas ventures revenue or earnings.
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An extract from www.growthcompany.co.uk 5th Dec 2005 article

Picks for 2006

James Crux
Synexus
Ticker: SNX
Share price: 87.5p
Market cap: 19.0m
52-week high/low: 94.5p/72p

Synexus poised for healthy growth

My tip for the coming year is Synexus, which was recently brought to AIM by Brewin Dolphin with a 3.5 million funding at 65p. It boasts experienced pharmaceuticals entrepreneur Mike Redmond as chairman and specialises in recruiting patients for clinical trials for the global pharmaceutical industry, where clients include such market giants as GlaxoSmithKline and Novartis.

Through its own UK network of investigator sites, the company finds patients, screens them for suitability, and then manages them through the trial before collecting the data and reporting back to clients.

The Synexus model apparently delivers patients faster and at a lower cost than the outdated method of relying on NHS GPs and hospital consultants. Better quality data is another huge plus for its major pharma customers. Large global players are urging Synexus to set up its model in emerging countries like India, Poland and Russia. Profits are forecast to come in at 1.4 million from 10.2 million sales for the year to March. Its my share of the year.

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A few extracts from www.allnewissues.com 18th Oct 2005

Background - Synexus Clinical Research is a provider of clinical trials to the global pharmaceutical industry. The company was formed in April 1998 through the merger of the northern-based general practitioner, Edgebright Partnership, with the southern-based clinical trials division of AEA Technology Plc. In March 2001 the business was subsequently acquired by its management. Synexus is intending to join AIM in early November, and is seeking to raise 3.5 million to repay existing debt, to provide further working capital and to cover the costs of its floatation. For the year ended 31st March 2005, Synexus had turnover of 9.7 million, up from 6.4 million in the year ended March 2004. In the first four months of the current financial year, it has recorded an operating profit of 0.4 million, and due to the long term nature of its contracts, there is a strong visibility of earnings. The company and its nomad, Brewin Dolphin, are in the early stages of marketing, and therefore no indication of the market capitalisation would be given. At allnewissues.com, we believe that a sensible market capitalisation for the company would not be greater than 15 million.


Business Development - At the current stage of Synexus' development a floatation looks sensible. The 3.5 million of equity raised will enable the company to go some way to repaying its existing debt, as well as providing further working capital for growth. Synexus has been experiencing strong organic growth, principally due to the pharmaceutical industry accepting its methodology. Such growth should continue as the company's contracts are of a long term nature. The business model for Synexus is remarkably simple, and the company is building up a strong position within its niche. As the company expands, the service it offers should improve even further. For example, improving its competence in identifying patients through having a larger database of individuals.

The clinical trials market is expanding into India, Poland, Russia and other emerging markets, and Synexus is actively looking to establish operations in these countries. Recently the company signed a partnering agreement with the Indian Clinical Research Institute in Mumbai, India, for the recruitment of patients for clinical trials and is in advanced negotiations with other parties to establish its model in other emerging economies


Investment Conclusion - Given that the prospectus for Synexus is yet to be published, we are not in a suitable position to give a stance on the stock. However the prospects for the company look exciting and it has established a strong position in the sector, having worked with the majority of the 20 largest global pharmaceutical companies, including GlaxoSmithKline, AstraZeneca and Novartis, as well as many of the largest Contract Research Organisations including Quintiles, Icon, PPD and MDS. It is encouraging that Synexus is not going to be reliant upon the UK market, but is looking to expand in the emerging clinical trials market internationally. The company has a good management team, and recorded an operating profit of 0.4 million in the first four months of the current financial year. It will be interesting to see what valuation Synexus will be brought to market at. One To Watch.

Fairly flying up today :)

Flying again, I am starting to really enjoy holding this stock, let there be many more like this :) I hope !!

Looking rather undervalued given the proven and potential for Synexus.

Gradually drifting back upwards now.