London, UK, 23 July 2009 – Proximagen Neuroscience plc (AIM: PRX), the biopharmaceutical company focused on diseases of the central nervous system (CNS), today announces its interim results for the six months ended 31 May 2009.
Highlights:
• Continued strong R&D investment of £1.19 million in the period (2008: £1.37 million).
• Cash and other financial assets of £8.49 million at 31 May 2009 (30 November 2008: £10.21 million).
Post period-end highlights:
• £50 million (before expenses, £49 million net) raised from new and existing shareholders, including participation from licensing partner Upsher-Smith Laboratories, Inc. (Upsher-Smith).
• The funding will be used to acquire drug development programmes of the CNS and to help build Proximagen into a self-financed biopharmaceutical company.
Commenting on this announcement, Kenneth Mulvany, Chief Executive Officer of Proximagen Neuroscience plc, said: “Our £50 million fundraising has equipped Proximagen with the right tools at the right time to transform the Company. We intend to build a sustainable biopharma business through a variety of transactions. We understand from investors that the sector has demanded results via a route of asset consolidation for some time now and we look forward to delivering deals and beginning to prove our new business strategy before the end of the year.”
Highlights:
• Continued strong R&D investment of £1.19 million in the period (2008: £1.37 million).
• Cash and other financial assets of £8.49 million at 31 May 2009 (30 November 2008: £10.21 million).
Post period-end highlights:
• £50 million (before expenses, £49 million net) raised from new and existing shareholders, including participation from licensing partner Upsher-Smith Laboratories, Inc. (Upsher-Smith).
• The funding will be used to acquire drug development programmes of the CNS and to help build Proximagen into a self-financed biopharmaceutical company.
Commenting on this announcement, Kenneth Mulvany, Chief Executive Officer of Proximagen Neuroscience plc, said: “Our £50 million fundraising has equipped Proximagen with the right tools at the right time to transform the Company. We intend to build a sustainable biopharma business through a variety of transactions. We understand from investors that the sector has demanded results via a route of asset consolidation for some time now and we look forward to delivering deals and beginning to prove our new business strategy before the end of the year.”
