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Proximagen Neuroscience plc (PRX.L): Unaudited Preliminary Results for the Year Ended 30 November 2009


3/30/2010 4:02:31 PM

London, UK, 30 March 2010 – Proximagen Neuroscience plc (AIM: PRX), the biotechnology company focused on diseases of the central nervous system, today announces its unaudited preliminary results for the year ended 30 November 2009.

Highlights:

• £50 million fund-raising completed in June 2009 to enable the Company to acquire and in-license drug development programmes

• Acquisition of Cambridge Biotechnology Limited and certain programmes from Biovitrum AB completed in November 2009

• Considerable expansion of our programme pipeline, spanning a range of central nervous system diseases at varying stages of development from discovery, through pre-clinical and clinical development

• Strong balance sheet with cash balance at year-end of £55.6 million (2008: £10.2 million)

Post Year-End Highlights:

• Acquisition of Minster Pharmaceuticals plc (“Minster”) announced in January 2010 and now nearing completion – compulsory acquisition of remaining shares underway

• Positive epilepsy results announced in March 2010 on tonabersat, one of the programmes acquired through Minster

• Board of directors strengthened in January 2010 with the appointment as a non-executive director of Dr Jackie Hunter, currently the Senior Vice President and Head of Science Environment Development at GlaxoSmithKline (“GSK”) and formerly the Senior Vice President and Head of the Neurology & GI Centre of Excellence for Drug Discovery at GSK

Commenting on the Preliminary Results, Kenneth Mulvany, Chief Executive Officer of Proximagen, said: "2009 was a transformational year for Proximagen and the Company is now one of the best funded companies in the European biotechnology sector. We are excited by the potential of the programmes that we have in our pipeline and by the acquisition and in-licensing opportunities that we are seeing. With a strong Board, senior management team and balance sheet, we look forward to building on our progress to date and delivering significant value in the near and longer term."

Read at BioSpace.com


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