Syntaxin Raises GBP18 Million in New Financing

To Progress Acromegaly Programme and Maximise Potential of Targeted Secretion Inhibitor Platform

OXFORD, England, November 11, 2010 - Syntaxin, a biotechnology company developing novel
biopharmaceuticals to control cell secretion, announces it has successfully
raised GBP18 million in new funding. New investors Lundbeckfond Ventures,
Ipsen and Seventure joined existing investors Abingworth, SROne, LSP, Johnson
& Johnson Development Corporation (JJDC) and Quest, which all participated in
the Series C financing. The funds will enable Syntaxin to maximise the
potential of its innovative Targeted Secretion Inhibitor (TSI) technology
platform, as well as progress its lead internal acromegaly programme into
clinical proof of concept studies.

Syntaxin has a strategic alliance with Allergan Inc for the
development of its most advanced programme, a neuronal TSI for treatment of
chronic pain currently in clinical development.

Syntaxin's lead internal product is in preclinical development
for acromegaly, a chronic and debilitating disease resulting from excessive
secretion of growth hormone.

Syntaxin's TSI platform enables the design and development of
therapeutics for treating diseases where inappropriate cell secretion is a
primary cause. The TSI molecules selectively bind to targeted cells to
prevent secretion, can be administered locally or systemically, and offer the
potential of long duration of action from a single dose (from weeks to
months). The technology platform has the potential for developing new
treatments across multiple disease areas. These include CNS disorders such as
neuropathic pain, endocrine disorders such as acromegaly, and certain types
of cancers.

Dr Melanie Lee, Chief Executive Officer of Syntaxin, said:
"This has been transformational year for Syntaxin. We have an innovative
technology platform which offers enormous potential to develop new treatments
for a range of diseases. This financing will enable us to progress
development of our lead product to treat acromegaly and to maximise the
potential of our unique technology platform in collaboration with industry
partners."

Johan Kordel of Lundbeckfond Ventures, said: "Syntaxin
represents an ideal investment opportunity for us and fits well with our
investment strategy. The Company has an innovative technology platform, is
developing a pipeline of products, and is led by an experienced team able to
drive the business forward. We are delighted to invest in such an exceptional
company as it enters a new stage in its growth."

Iain Wilcock, Seventure, said: "The combination of good
management and a compelling scientific thesis that is generating clinical
programmes makes a powerful investment case. It is an exciting time to be
investing in Syntaxin and we look forward to working with Melanie and her
team."

About Syntaxin (www.syntaxin.com)

Syntaxin discovers and develops a new class of
biopharmaceuticals which treat disease through selective inhibition of cell
secretory processes. It is developing cell secretion inhibitors for the
treatment of a range of endocrine diseases, including acromegaly.

Syntaxin's new Executive Management, appointed in February
2010, brings a wealth of industry experience to the Company. Chief Executive
Officer, Dr Melanie Lee, spent a decade in research with GlaxoSmithKline and
subsequently held leadership positions at Celltech and UCB. Chief Business
Officer, Dr Nigel Clark, was formerly Vice President Business Development
with Vernalis and has a strong track record in building strategic alliances.
Dr John Court, Chief Development Officer, was previously founder and CEO of
Fulcrum Pharma, an international contract drug development business,
following R&D roles at Roche and Wellcome.

Syntaxin was founded in late 2005 through a spinout of intellectual
property and scientists from the Health Protection Agency, and benefits from
15 years of research in the field of bacterial toxin engineering. The company
owns dominant patents and know how in the design, manufacture and use of
novel cell TSI based on engineered botulinum toxins. It has established a
strong IP base with over 40 granted patents covering the platform and
products. It is backed by a blue chip investor base including: Abingworth,
Lundbeckfond Ventures, LSP, Ipsen, JJDC, Quest, Seventure, and SR One.

Syntaxin's Targeted Secretion Inhibitors (TSI) technology
platform

Syntaxin's TSI products are biological molecules synthesized in microbial
cell culture, which selectively bind to their chosen targeted cells and
become internalised to deliver endopeptidases into the cell's cytoplasm,
preventing further vesicular secretion. A single dose provides an extended
duration of action from weeks to months.

    Contact Details

    Syntaxin Ltd
    Melanie Lee, Nigel Clark
    Tel: +44(0)1235-552161
    Email: Melanie.lee@syntaxin.com

    Media

    Capital MS&L
    Mary Clark, Justine Lamond & Hollie Vile
    Tel: +44(0)20-7307-5337
    Email: Syntaxin@capitalmsl.com

Contact Details: Syntaxin Ltd, Melanie Lee, Nigel Clark, Tel: +44(0)1235-552161, Email: Melanie.lee at syntaxin.com; Media: Capital MS&L, Mary Clark, Justine Lamond & Hollie Vile, Tel: +44(0)20-7307-5337, Email: Syntaxin at capitalmsl.com