MONTREAL, QC and PASADENA, CA, Nov. 17 /PRNewswire-FirstCall/ - Neurochem Inc. (NASDAQ: NRMX - News; TSX: NRM - News) announced today that it has closed the sale and leaseback transaction for its campus located in Laval, Quebec, including its head office and research facility, with an affiliate of Alexandria Real Estate Equities, Inc. (NYSE: ARE - News). The transaction generated gross proceeds to Neurochem of C$32 million and net proceeds of approximately C$22 million after repayment of the related debt in the amount of approximately C$9.8 million, as well as transaction expenses.
About Neurochem Neurochem is focused on the development and commercialization of innovative therapeutics for neurological disorders. The Company's pipeline of proprietary, disease-modifying oral products addresses critical unmet medical needs. 1,3-propanedisulfonate (1,3PDS; Fibrillex(TM)) is designated as an orphan drug, is a Fast Track product candidate and is also part of an FDA Continuous Marketing Applications Pilot 2 program. The Phase II/III clinical trial of Fibrillex(TM) for the treatment of AA Amyloidosis was concluded in April 2005. The Company is in the process of submitting a New Drug Application (NDA) for Fibrillex(TM) that the FDA has agreed to file and review. 3-amino-1- propanesulfonic acid (3APS; Alzhemed(TM)), for the treatment of Alzheimer's disease, is currently in Phase III clinical trials in both North America and Europe and 3APS (Cerebril(TM)), for the prevention of Hemorrhagic Stroke caused by Cerebral Amyloid Angiopathy, has completed a Phase IIa clinical trial. About Alexandria Real Estate Equities Inc. Alexandria Real Estate Equities, Inc. (ARE:NYSE) is the preeminent international real estate investment trust focused principally on the ownership, operation, management, acquisition, redevelopment and selective development of properties containing office/laboratory space, a niche that we pioneered. Alexandria has an outstanding eight-year track record as a NYSE listed company with an approximate $3.3 billion total market capitalization (as of September 30, 2005). We provide high-quality laboratory facilities, services and capital to the broad and diverse life science sector. Our clients include institutional (universities and not-for-profit institutions), pharmaceutical, biotechnology, life science product, service, biodefense and translational medicine entities, as well as government agencies. Alexandria's national operating platform is based on the principle of "clustering", with assets and operations strategically located in key life science hub markets. To Contact Neurochem For additional information on Neurochem and its drug development programs, please call the North American toll-free number 1 877 680-4500 or visit our Web Site at: www.neurochem.com.
