SAN DIEGO, Nov. 21 /PRNewswire/ -- ChemDiv Inc. and Avineuro Pharmaceuticals Inc. have extended the term of their research and development collaboration including formulation, safety and early clinical development studies in areas of neurodegenerative and psychiatric disorders. R&D services will be provided by Chemical Diversity Research Institute, ChemDiv's research subsidiary based in Moscow. The new agreement provides for research funding of clinical candidate compounds to POC. Avineuro is responsible for further clinical development and commercialization of drug candidates AVN101, AVN211, and additional compounds that may be nominated for development from the ongoing research and discovery under the agreement. In September, ChemDiv entered into an out-licensing and collaboration agreement with Avineuro to develop multiple compounds for Alzheimer Disease and schizophrenia. Under the agreement, Avineuro obtained exclusive worldwide rights to clinical development candidates AVN101, AVN211, and lead compounds in various stages of pre-clinical development. ChemDiv will provide pre-clinical development services to nominate additional backup leads and candidates for Avineuro.

About Avineuro Pharmaceuticals, Inc.:

Avineuro Pharmaceuticals, Inc. discovers and develops novel small molecules for unmet medical needs in neurology and psychiatry. Founded in August 2008 and headquartered in San Diego, California, Avineuro is managed by seasoned professionals experienced in drug discovery and development. By acquiring lead compounds through collaborations and partnerships, Avineuro plans to develop novel products and extend the reach of marketed compounds for indications with a significant commercial potential. Avineuro emphasizes a rational approach that combines modern medicinal chemistry with streamlined pre-clinical and clinical development studies, thus allowing a fast transition to proof-of-concept product candidates.

About ChemDiv, Inc.

ChemDiv, Inc. is a global chemistry-driven contract research organization accelerating discovery and development of novel therapies through comprehensive Discovery outSource(TM) services, including pre-clinical development, discovery biology, medicinal and synthetic chemistry.

CONTACT: Yan Lavrovsky, MD, PhD, CEO Avineuro Pharmaceuticals, Inc.,
+1-858-436-1537, fax, +1-858-228-9798, ylavrovsky@avineuro.com; or Ronald
Demuth, GM & SVP Corporate Development, ChemDiv, Inc., +1-858-794-4860,
fax, +1-858-794-4931, rdemuth@chemdiv.com

Web site: http://www.chemdiv.com/
http://www.avineuro.com/