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Miles
Km80.5

   

Proximagen Group plc. Release: Interim Results for the Six Months Ended 31 May 2011


7/25/2011 9:11:41 AM

London, UK, 25 July 2011– Proximagen Group plc (AIM: PRX), the rapidly growing company with a focus on the treatment of disorders of the central nervous system, is pleased to announce its interim results for the six months ended 31 May 2011.

Highlights:

- Acquisition of two neurology drug development programmes from GlaxoSmithKline;

- First patients enrolled by the NIH in the phase II clinical trial of naluzotan for temporal lobe epilepsy;

- Further good progress on our programme pipeline;

- Continued strong R&D investment of £2.5 million in the period alongside further significant investment made in our clinical development programmes by our partners;

- Strong balance sheet with cash balance of £44.7 million.

Commenting on the interim results, Kenneth Mulvany, Chief Executive Officer of Proximagen, said:

“The Company made good progress in the first half of the year, signing an agreement with GlaxoSmithKline for two exciting neurology assets and hitting significant enabling development milestones on two of our clinical stage epilepsy programmes. We are excited about our prospects for the rest of 2011 and beyond as we look to build Proximagen into a leading European biotechnology company.”

For further information, please contact:

Proximagen Group plc

Tel: +44 (0)20 7400 7700

Kenneth Mulvany, Chief Executive Officer

James Hunter, Finance Director

Matrix Corporate Capital LLP

Tel: +44 (0)20 3206 7000

Jonathan Gosling

Robert Beenstock

Steve Waterman

M:Communications

Tel: +44 (0)20 7920 2330

Peter Laing, Emma Thompson



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