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Newron Pharmaceuticals (NWRN) Receives EUR 3.7 Million Under Italian Government R&D Support Program


2/15/2011 7:13:49 AM

Milan, Italy, February 15, 2011 – Newron Pharmaceuticals S.p.A. (SIX: NWRN), a research and development company focused on novel CNS and pain therapies, announced today that it has been advised by the Italian government’s Ministero dell’ Istruzione, dell’ Università e della Ricerca, that it is to receive a total payment of EUR3.7 million with immediate effect, as part of a EUR5 million grant for innovative R&D.

In 2008 Newron was awarded the EUR5 million grant by the Ministry towards a EUR5.3 million R&D program ongoing at the company. The grant supports the research and identification of novel compounds for the treatment of diseases of the Central Nervous System.

About 40% of the grant is non-reimbursable. The rest bears interest of 0.5 % per year and is required to be fully repaid within 10 years from the grant date.

Luca Benatti, Newron’s CEO, said: “This significant reimbursement for our R&D further strengthens our cash position and validates our continuous effort in searching for innovative Ion channel molecules for CNS diseases. This comes on the back of the private placement of CHF3.5 million (EUR2.7 million) completed in late December. Our operations are now funded well into 2012.”

About Newron Pharmaceuticals Newron Pharmaceuticals S.p.A. (www.newron.com) is a biopharmaceutical company focused on novel therapies for diseases of the Central Nervous System and pain. Newron is undertaking phase III trials with safinamide for the treatment of Parkinson’s disease (PD) in conjunction with its partner, Merck Serono, which has exclusive worldwide rights to develop, manufacture and commercialize the compound in PD, Alzheimer’s disease, and other therapeutic applications. Newron is currently evaluating the further clinical development of ralfinamide for pain and psychiatric diseases. Newron’s additional projects are at various stages of preclinical and clinical development, including HF0220 for neuroprotection and NW-3509 for the treatment of schizophrenia. Newron is headquartered in Bresso, near Milan, Italy. The company is listed at SIX Swiss Exchange, trading symbol NWRN.

For more information, contact:

Media Investors and analysts Italy Luca Benatti - CEO Phone: +39 02 6103 4 626 E-mail: pr@newron.com

UK/Global media Julia Phillips Financial Dynamics Phone: +44 (0) 20 7269 7187

Switzerland Martin Meier-Pfister IRF Communications Phone: +41 43 244 81 40 Stefan Weber - CFO Phone: +39 02 6103 46 30 E-mail: ir@newron.com

Read at BioSpace.com

   

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