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Proximagen Neuroscience plc (PRX.L) Signs to Acquire Cambridge Biotechnology from Biovitrum AB


10/22/2009 8:16:54 AM

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Proximagen Neuroscience plc, and Biovitrum AB announce that they have signed a letter of intent for Proximagen to acquire Biovitrum’s wholly-owned subsidiary Cambridge Biotechnology Limited for a percentage of future revenues generated from CBT’s pipeline. CBT’s clinical stage projects consist of 5-HT2C agonists and 5-HT6 antagonists and its pre-clinical stage projects include VAP-1 and Trk A programmes. It is expected that completion will take place by mid November.

For further information, please contact:

Proximagen Neuroscience plc Kenneth Mulvany, Chief Executive Officer James Hunter, Finance Director Phone: +44 (0)20 7848 6938

Buchanan Communications Tim Anderson, Catherine Breen Phone: +44 (0)20 7466 5000

Evolution Securities Limited (NOMAD) Stuart Andrews, Bobbie Hilliam Phone: +44 (0)20 7071 4300

About Proximagen Neuroscience

Proximagen is a biopharmaceutical company focused on the development and commercialisation of novel therapeutics for diseases of the central nervous system. Its current lead programmes aim to improve the quality of life for patients suffering from neurodegenerative diseases such as Parkinson's disease and Alzheimer's disease.

The Company raised £50 million to pursue its strategy to acquire a number of the exciting drug programmes and commercial prospects in its preferred therapeutic area of the central nervous system that have become available at attractive valuations.

Proximagen has already developed a broad pipeline of partnered and unpartnered drug candidate programmes to address the significant unmet medical needs of patients with neurodegenerative disease.

Proximagen joined the AIM market of the London Stock Exchange in March 2005. For more information please visit the Company’s web site: www.proximagen.com.


Read at BioSpace.com


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