NeuroDiscovery Announces New CEO and Director

NeuroDiscovery Ltd (ASX: NDL), a specialty neuroscience services provider and drug development company, is pleased to announce that Dr Iain Chessell, former worldwide head of pain research at GlaxoSmithKline (GSK), has commenced work as CEO of the Company, and has also become a Director of the Company as approved at the General Meeting dated 5 March 2008.

Dr Chessell has a vision for NeuroDiscovery Ltd that positions the Company for value growth in the near and long term with a view to maximising the benefit of well defined synergies between the services and discovery arms of the business.

Dr Chessell will be based in the UK, where NeuroDiscovery has its operational base. As Chief Executive of the group, Dr Chessell will visit Australia approximately 3 times a year.

“There is tremendous potential for growth here at NeuroDiscovery,” Dr Chessell remarked. “The revenue and discovery businesses work in parallel to create drug development programs of the highest calibre at very low cost.”

NeuroDiscovery expects to announce clinical data for two of its development products in the next four months; two phase II studies are completing for the product NSL-101, and single and repeat dose studies with NSL-043 will be reported in the same time frame.

“This is a very exciting time for NeuroDiscovery’s drug development pipeline, and we anticipate positive data will generate real value for the shareholders and the company”, Dr Chessell commented. “It is somewhat unusual to have a single product in development for a company of NeuroDiscovery’s size, but to have two, with data reporting at similar times, is an incredible achievement”.

The revenue business continues to grow steadily, and has remained consistently profitable. Focussed on providing high-calibre data for highly respected clients, as well as providing dedicated resource to pursue internal discovery programmes, the business has developed a reputation for scientific excellence.

“I have watched NeuroSolutions, the revenue-generating, services arm of NeuroDiscovery, since 2001, when GSK first started working with them. With an increasing trend for outsourcing specialist skills from big pharma, I see the demand for these services increasing dramatically over the next 1-5 years,” Dr Chessell added.