First Dealings

Synexus Clinical Research PLC
06 November 2005




                         Synexus Clinical Research plc
                   ("Synexus", "the Company" or "the Group")

                              Admission to Trading
                      on the Alternative Investment Market

                                   Key Points

   • Synexus, which provides clinical trials services for the global
    pharmaceutical industry, is delighted to announce that its ordinary shares
    commence trading on AIM today.

   • Synexus has raised £3.5 million (gross) via a Placing of 5,384,615 new
    Ordinary Shares at 65p per share. A further 2,538,462 Ordinary Shares were
    placed on behalf of existing investors. Brewin Dolphin Securities is the
    Company's Nominated Adviser and Broker.

   • Operating through its own network of 12 investigator sites throughout
    the UK, Synexus sources patients, screens them for suitability, manages them
    through the trial and collects data before reporting back to its clients.

   • The Group's model offers higher data quality and a higher 'value for
    money' solution than the traditional method of using a disparate population
    of NHS sites.

   • Synexus has a broad, blue chip customer base including GlaxoSmithKline,
    AstraZeneca and Novartis.

   • Synexus operates within the primary care segment of the UK market with a
    strong track record for chronic or recurrent indications and disease
    prevention studies. This segment of the market has an estimated value of
    £150 million per annum.

   • In addition to focusing on continued organic expansion, the Directors
    are intending to take advantage of a number of international opportunities
    to exploit the growing market for clinical trials and patient recruitment in
    India, Poland, Russia and other emerging markets.

   • The new funds raised will be used to meet the expenses of the Placing,
    to eliminate debt and to provide additional working capital.

Michael Redmond, chairman, comments:

"I am delighted with our move to AIM. We believe that Synexus has strong growth
potential, both in the UK and overseas. Within the domestic market we are seeing
a trend towards higher volume, extended clinical trials which are particularly
suited to our business. Overseas, the large pharmaceutical companies are
encouraging us to establish our model in emerging countries where patients have
little or no history of medication and can therefore yield higher quality data.
We have already identified several specific opportunities which we are currently
pursuing."

Press enquiries

Synexus Clinical Research plc                   Tel: [phone]
Michael Redmond, Chairman
Michael Fort, Chief Executive

Biddicks - Financial Public Relations           Tel: [phone]
Zoe Biddick

Brewin Dolphin Securities                       Tel: [phone]
Mark Brady/Sarah Kent

PLACING STATISTICS

Issue Price                                                               65 p

Number of Ordinary Shares being placed                               7,923,077

Percentage of enlarged issued Ordinary Share capital being
placed                                                                    36.4%

Number of Ordinary Shares in issue following Admission              21,748,251

Gross proceeds of the Placing receivable by the Company           £3.5 million

Net proceeds of the Placing receivable by the Company            £2.85 million

Market capitalisation on Admission at the Issue Price            £14.1 million


OVERVIEW OF THE BUSINESS

Synexus focuses on the recruitment of patients for later stage clinical trials,
principally Phase II and Phase III. Synexus contracts either directly with the
pharmaceutical company or with a CRO involved in the particular drug's
development. In Phase II clinical trials, the study drug or treatment is given
to around 100-300 healthy volunteers to see if it is effective and to evaluate
its safety. In Phase III trials, the study drug or treatment is given to a large
group of people to confirm its effectiveness, monitor side effects, compare it
to commonly used treatments and collect information that will allow the drug or
treatment to be used safely. Synexus operates through its own network of 12
investigator sites across the UK. Each site functions with the Group's own
employees, enabling it to implement quality controls on the trials whilst also
removing reliance upon the assistance of 'partners' in providing a service to
clients. The Synexus approach helps pharmaceutical companies to introduce new
drugs into the market in a more timely and cost efficient manner with reduced
administrative burden.

Synexus has developed a track record in conducting clinical trials particularly
in chronic or recurrent indications and disease prevention studies. The Group's
growth to date has arisen principally organically and from an expansion in the
rapeutic areas covered. At the date of this document, the Group has 20 active
contracts representing an expected total turnover of approximately £16.5 million
over the remaining life of those contracts. In addition to focusing on continued
organic expansion, the Directors are intending to take advantage of a number of
international opportunities that have been identified which will expand both the
level of services offered and allow the Group to exploit the growing
opportunities for clinical trials and patient recruitment in India, Poland,
Russia and other emerging clinical trials markets.

THE CLINICAL TRIALS MARKET

Market size and dynamics

Crucially for pharmaceutical companies, the patent life for a new compound
begins before any drugs trials are held and a compound will typically be
patented approximately 10 to 12 years before regulatory approval is given.
Consequently the trial and approval process absorbs approximately half of the
life of the patent and reduces the potential revenue earning period of the
compound. It is therefore vitally important for the pharmaceutical companies
that the trials are concluded as quickly as possible to enable maximisation of
revenue and profit.

Over 40% of the global research and development spend by pharmaceutical
companies in bringing a new drug to the market is tied to the recruitment of
patients for the four trial phases in which new medicines are tested on humans
for safety and efficacy. Of this, the primary care segment of the UK market in
which Synexus currently operates is estimated at a value of around £150 million
per annum. This market is highly fragmented, as outlined below in the section on
Synexus' competitive position. Synexus represents one of the major operators in
this sector.

As regulatory requirements continue to drive up the numbers of patients required
on clinical trials, pharmaceutical companies are increasingly seeking access to
large patient pools in addition to those in Western Europe and the US and,
because of the number of patients involved, also in lower cost countries. For
example, the CEO of GlaxoSmithKline was recently quoted as saying that one third
of the company's clinical trials now take place in lowcost countries and that it
aims to hit 50% within two years.

The principal benefit to global pharmaceutical companies of shifting patient
recruitment into emerging economies is the prevalence of 'treatment naive'
patients with little or no history of medication. The advantage of such patients
to a clinical trial include the following:

   • Patients are often eager to become involved in a clinical trial as it
    represents for them the only means of gaining access to new medicines;

   • patients are less likely to be excluded from undertaking a trial due to
    their current prescribed medication, as is often the case in the UK;

   • the results of the trial are less likely to be influenced by a patient's 
    previous medication history; and

   • there is a reduced need for a 'wash out' period prior to a patient joining 
    a study to allow time for current medication to be eliminated from the body.

The second key benefit of moving clinical trials into emerging economies is that
the cost per patient recruited to clinical trials is significantly lower, giving
the pharmaceutical companies the opportunity to realise large cost savings in
bringing drugs to the market.

Synexus' competitive position

In the UK, Synexus' primary competition is from those NHS GPs and hospital
consultants who operate as part-time investigators. There are only a small
number of commercial organisations in the UK which manage patients on clinical
trials. These companies, for example Minerva Medical and Profiad, which are both
subsidiaries of Quintiles, provide clients with a network of GPs rather than
owning the investigator sites. As Synexus has its own investigators it is able
to offer clients a dedicated service, implement quality controls on the trials
and also remove reliance upon third parties.

As outlined above, the clinical trials market is expanding increasingly into
India, Poland, Russia and other emerging clinical trial markets. Synexus is
actively looking at these markets and is responding to demand from global
pharmaceutical clients to replicate the successful UK model with its standard
operating procedures, quality controls and patient recruitment methodologies.
Synexus has recently signed a partnering arrangement with the Indian Clinical
Research Institute in Mumbai for the recruitment of patients to clinical trials.

STRATEGIC OBJECTIVES AND ACQUISITION OPPORTUNITIES

The Directors' principal objective is to expand the Group through organic growth
and by selective acquisitions, concentrating on Synexus' core activity of
patient recruitment for later stage clinical trials.

As outlined above, the clinical trials market is moving increasingly into India,
Poland, Russia and other emerging clinical trial markets. Synexus is actively
looking at these markets and is responding to demand from global pharmaceutical
clients to replicate the successful UK model with its standard operating
procedures, quality controls and patient recruitment methodologies.

A number of international opportunities have been identified which will expand
both the level of services offered and allow the Group to exploit the growing
opportunities for clinical trials and patient recruitment in eastern countries
particularly India, Poland, Russia and Ukraine. The Group has recently signed a
partnership agreement with the Indian Clinical Research Institute in Mumbai for
the recruitment of patients to clinical trials. This venture effectively
operates as a franchise under the Synexus recruitment model, with Synexus
controlling the costing, billing, quality control and introduction of work. This
centre is expected to open in December 2005 with the first patient being
recruited in the first quarter of 2006.

In addition, the Directors are currently in discussions with a number of
companies regarding the possibility of Synexus acquiring those businesses for
share consideration. Specifically, discussions are underway with a UK-based
company which operates patient management centres in Russia and Ukraine and with
the owners of an existing patient management centre in Poland. The Directors
believe that these acquisitions will enhance the Group's business by broadening
its service offering and will be achievable on terms which will enhance
shareholder value for Synexus.

BOARD AND MANAGEMENT

The Board comprises the following directors:

Michael Redmond (aged 61) - Executive Chairman
Michael Redmond is currently non-executive chairman of Dechra Pharmaceuticals
plc and was, until recently, chairman of Microscience Holdings plc and Arakis
Ltd. He has been chairman of Synexus since April 2001. Michael has had numerous
directorships in recent years in the biotech and healthcare arena, following a
career in the pharmaceutical industry. Michael joined Glaxo Group in 1967 and
held various product management and marketing positions, before joining
Schering-Plough in 1974. Several country assignments followed, culminating in
European regional vice president based in Switzerland. In 1991, Michael returned
to UK to join Fisons plc, initially as European director of the pharmaceutical
division, and was appointed to the main board as managing director
pharmaceutical division in February 1993. Following the acquisition and
integration of Fisons by RPR in 1996, Michael has held a portfolio of
non-executive director and chairman roles in companies in UK, Germany and 
Canada.

Michael Fort (aged 46) - Chief Executive
Michael joined Synexus in 2001 as commercial director following the investment
by Aberdeen Murray Johnstone Private Equity. Prior to Synexus he was a director
of Trinity Pharmaceuticals Limited, a pharmaceutical sales and marketing company
which was subject to an MBO and subsequently sold to Chiesi Pharmaceutici Spa in
1999. He qualified as an accountant in 1985 whilst employed by the RTZ Group PLC
and was subsequently a regional finance director within the Thorn EMI Group. He
is former executive chairman and currently non-executive director of Zi Medical
PLC and is a non-executive director of Compass Finance Group PLC. He is a fellow
of the Chartered Institute of Management Accountants.

Dr Ian Smith (aged 57) - Medical Director
Ian Smith, the founder of Synexus, is a physician, registered since 1974 with
the General Medical Council. He spent the early part of his medical career in
NHS General Practice operating for the later part as part-time clinical
investigator. He established the first dedicated patient recruitment centre in
the UK in 1992 from which the current Synexus business has developed. Ian is an
honorary research fellow of the department of nuclear medicine at Guys Hospital,
London and an honorary research fellow of the department of clinical chemistry
at the University of Liverpool.

Chris Neilson (aged 51) - Finance Director
Chris Neilson joined the board of Synexus in September 2005. Chris previously
spent eight years at Inter Link Foods PLC where, as finance director and
business development director, he saw the company through an AIM flotation, a
successful integration of 9 acquisitions in the UK and Europe and a growth in
turnover from £5.9 million to £98.1 million. Prior to joining Inter Link Foods
PLC, Chris spent 12 years at Grant Thornton as a prominent member of its
corporate recovery team.

Ian Miscampbell (aged 43) - Non-executive Director
Ian has more than 15 years' experience in senior financial positions and is
currently serving as chief financial officer of Oxford Immunotec Limited. Ian
has experience within the life sciences sector having served on the boards of
Microscience Holdings plc, KS Biomedix Holdings plc and Reneuron Limited. Before
entering the life sciences sector he served as finance director in medium sized
entities in the textiles and food sectors, having previously qualified as a
chartered accountant with KPMG.



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