London, UK, 25 July 2011– Proximagen Group plc (AIM: PRX), the rapidly growing company with a focus on the treatment of disorders of the central nervous system, is pleased to announce its interim results for the six months ended 31 May 2011.
Highlights:
- Acquisition of two neurology drug development programmes from GlaxoSmithKline;
- First patients enrolled by the NIH in the phase II clinical trial of naluzotan for temporal lobe epilepsy;
- Further good progress on our programme pipeline;
- Continued strong R&D investment of £2.5 million in the period alongside further significant investment made in our clinical development programmes by our partners;
- Strong balance sheet with cash balance of £44.7 million.
Commenting on the interim results, Kenneth Mulvany, Chief Executive Officer of Proximagen, said:
“The Company made good progress in the first half of the year, signing an agreement with GlaxoSmithKline for two exciting neurology assets and hitting significant enabling development milestones on two of our clinical stage epilepsy programmes. We are excited about our prospects for the rest of 2011 and beyond as we look to build Proximagen into a leading European biotechnology company.”
For further information, please contact:
Proximagen Group plc
Tel: +44 (0)20 7400 7700
Kenneth Mulvany, Chief Executive Officer
James Hunter, Finance Director
Matrix Corporate Capital LLP
Tel: +44 (0)20 3206 7000
Jonathan Gosling
Robert Beenstock
Steve Waterman
M:Communications
Tel: +44 (0)20 7920 2330
Peter Laing, Emma Thompson
