London, UK, 28 July 2010 – Proximagen Group plc (AIM: PRX), the biotechnology company focused on diseases of the central nervous system, is pleased to announce its interim results for the six months ended 31 May 2010.
• Acquisition of Minster Pharmaceuticals plc completed.
• Positive results announced following NIH assessment of tonabersat for epilepsy.
• Out-licensing agreement signed with Upsher-Smith Laboratories, Inc. for US rights to tonabersat with Proximagen retaining EU rights and a 50% share of Rest of the World rights.
• Appointment of Dr Jackie Hunter as a non-executive director. Jackie is formerly the Vice President and Head of the Neurology & GI Centre of Excellence for Drug Discovery at GlaxoSmithKline.
• Management team strengthened with the appointment of Dr Stevo Knezevic, formerly Chief Medical Officer (EMEA) at Wyeth, as Head of Development.
• Continued strong R&D investment of £2.5 million in the period (period to 31 May 2009: £1.2 million).
• Cash and other financial assets of £51.0 million at 31 May 2010 (30 November 2009: £55.6 million).
Post period-end highlights:
• Agreement signed with the NIH for the NIH to fund a Phase II proof of concept study on naluzotan assessing its efficacy in epilepsy.
Commenting on this announcement, Kenneth Mulvany, Chief Executive Officer of Proximagen Group plc, said: “The Company has made good progress in the first half of the year and we remain excited about prospects for the rest of 2010. Already in the second half we have signed an agreement with the NIH to fund a Phase II proof of concept study on naluzotan. This deal is a good example of our risk-mitigated approach to drug development. Strategic acquisitions and partnerships will continue to play a key role in our development and building a strong pipeline is our number one focus and priority as a company.”
For further information, please contact:
Proximagen Group plc Tel: 020 7400 7700
Kenneth Mulvany, Chief Executive Officer
James Hunter, Finance Director
Pelham Bell Pottinger Tel: 020 7861 3800
Dan de Belder, Zoë Pocock
Evolution Securities Limited (NOMAD) Tel: 020 7071 4300
Bobbie Hilliam, Stuart Andrews
Direct line: +44(0)20 7861 3890
Mobile: +44 (0)7979 852 604
Pelham Bell Pottinger
5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233