Proximagen Neuroscience Share Discussion Threads

[mike111d] 01/10/2007 12:13

Hi Martin, since we last communicated here I moved some funds back out of PRX on a short term basis but do plan on adding back. An update regarding the offer I believe will be provided later this month.

[martin c-j] 01/10/2007 11:55

Well here we are - October 1st. Is there a bid coming? I doubt it, but if the pipeline really is worth having the market cap is only £19 million so it may not cost the bidder a lot.

[mike111d] 01/9/2007 22:58

Martin, with regards to the offer I would not expect to hear anything prior to sometime in October in all likelihood, as being acquired is not necessarily what the company or the major holders desire. So they continue to work through the required process and if a sufficiently compelling offer materialises then we will obviously get to hear of it but his is not why I bought into PRX or why I continue to hold.

FYI, the major holder information on the web site whilst has been updated to reflect the holdings above the 3% threshold, you should be aware that Gartmore still hold a little over 5% but this is not being reported as the holding was recently split across a number of nominee accounts all of which are below the 3% level. Overall I can account for named founder shareholders, institutions and directors holding 87.9% of the company.

Near term there is a bit of an overhang to clear resulting from the recent sale of 270k shares by USS. It would appear that the other institutional holders have no intention of reducing their positions. In fact one of the things that I was very encouraged by when researching PRX was the fact that since admission the shares controlled by major shareholders has increased steadily from 51.44% to 87.9% today.

In terms of clinical updates, the next announcement I anticipate is confirmation of phase I trials starting early in 2008 for PRX1. Secondary to this is the progression of the PRX5 programme.

[mike111d] 29/8/2007 12:26

Martin, it looks that way. I can tell you that the deal with Elan for PRX4 is fairly benign, with Elan funding developments and having first call with a trigger clause in the event of PRX being acquired. On that subject, this remains under review but the key here is that the offers are / were totally unsolicited and the company and key stake holders will not be proposing that an offer be accepted unless it were north of the 145p admission price.

Happy for this remaining under the radar for now, as I would like to add further pending developments elsewhere.

[martin c-j] 29/8/2007 10:52

Mike - it looks like it's just you and me monitoring this one. Today's results looked good enough, but with no additional news on the bid talks. I would like there to be a little more info on PRX4 and the relationship with Elan.

[mike111d] 25/8/2007 16:18

Martin, did your research lead you anywhere? The results will be out on Wednesday and this will provide a platform to formally update the market Re the offer talks if they choose to use it. Also, I would not be surprised if you were to see some form of clinical update. Offer aside, I am very comfortable being invested at these levels.

[martin c-j] 01/8/2007 08:10

Mike111D - My logic isn't always sound and I sometimes take a postion based on a hunch. I only dipped a very small toe in yesterday with a purchase of 2,000 shares. I didn't realise that Proximagen were into gene therapy, and as I am a died in the wool fan of gene therapy and am emotionally attached to Oxford Biomedica, another foray into gene therapy is nothing scary for me. PRX is on very few radars so it will be interesting if it will be discovered or in fact if there will be anything to discover.

From a trading perspective, when I placed my order to buy, you could have actually bought 100,000 shares in one go, which is a little worrying as obviously someone has a line of shares they want to get rid of. However, an RNS is an RNS and the company says there is interest in them, and that can open a large can of worms, which hopefully lead to a rerating.

I will do more research into PRX and assess whether it is worth putting more money in or just selling up. More to come.

[mike111d] 31/7/2007 23:07

Martin C-J, your logic is sound but I think you will find that the answer lays elsewhere. I take you are holding and if so I believe that you will do OK.

[martin c-j] 31/7/2007 15:59

Proximagen Neuroscience plc ("Proximagen" or "the Company") notes today's press
speculation and announces that it has been approached by a number of parties who
have expressed an interest in acquiring the Company.

These approaches are at a relatively early stage and there is no certainty that
any of them will result in a formal offer.


My money is on an offer from Elan who are partners on PRX4 development. With £11 million in the bank, and a market cap of around £22 million, that makes them a pretty cheap deal for a company with five drugs in development. Their website could be a little better at explaining their pipeline, as it is a lttle confusing as to what they are actually developing.

Also if an offer were to come in for them, I would imagine it would be for more than the 148p they were placed at.

[sicilian_kan] 15/5/2007 21:40

I'm surprised no one has commented on this share since 2005. Any views on the following?


Publication: Scrip World Pharmaceutical News

Date: 7 March 2007

Words: 631

Proximagen reveals promising alternative to L-DOPA for Parkinson's disease

Proximagen Proximagen Neuroscience has ended the fiscal year with positive preclinical data for PRX1, a series of prodrug candidates for the symptomatic treatment of Parkinson's disease.

The project was conceived as an improved L-DOPA, the "gold standard" for the alleviation of Parkinson's disease symptoms, accounting for 70% of the prescription market.

Professor Peter Jenner, Proximagen's founder and chief science officer, noted that there had not been any attempts to improve L-DOPA's shortcomings. Generic forms of the drug replicate its instability - a short half-life (3-4 hours), and peak and trough blood levels which provoke dyskinesia and bradykinesia in patients.

The PRXl programme produced four advanced lead candidates. Preclinical studies have shown that one of these, PRXl157, has a biological half-life of 6-8 hours, and provides more stable and constant plasma levels.

The company is in the process of determining dosage requirements, and plans to file an IND later this year. It expects to see the compound start clinical trials next year, and hopes that it will eventually compete with Duodopa, an intraduodenal infusion of carbidopa and levodopa developed by Neopharma (now part of Solvay) for the treatment of late-stage Parkinson's disease.

Professor Jenner says Duodopa costs £27,000 per year per patient, and he hopes that the PRXl series will provide a cheaper but just as effective alternative.

...other projects

The company has three other neurodegenerative projects in its pipeline. PRX2, for the inhibition of L-DOPA-induced dyskinesia, was advanced by licensing in drug candidates from Northwestern University, US, last May. Preclinical studies have suggested that the same mechanism of action as the licensed molecules could also be effective in the treatment of depression and pain.

Proximagen's PRX4 programme, which Professor Jenner described as the classical biotech long-term high-risk project, aims to confer neuroprotection in an increasingly elderly population. PRX4 derivatives have been found to inhibit neurodegeneration in neuronal cells.

The PRX5 programme has revealed a series of novel compounds that target cognitive decline, common to around 10% of people aged 60 and over. This year Proximagen hopes to characterise orally active drug candidates which halt cognitive decline in Parkinson's and Alzheimer's diseases as well as other dementing illnesses.

The company is already planning to increase the therapeutic scope of its projects, in the direction of pain, cognition, depression and anxiety.

For the full year ending last November, the company had a turnover of £737,509, compared with £878,310 for the previous year. This was composed of revenue from its fee-for-service business, which provides some financial support to its R8D programmes.

Service contracts are already in place with GlaxoSmithKline, Novartis, Boehringer Ingelheim, Roche, Orion, Lundbeck, Neurocrine Biosciences, Schwarz Pharma, Elbion, Lilly, Fujimoto, Shire and Kyowa. Proximagen believes that these relationships not only increase its market intelligence but will act as a conduit to future licensing out of proprietary programmes.

The company's pretax losses widened on a sharp increase in spending. Thanks to a tax credit Proximagen made a small, £4,612 (0.3 pence per share) net profit in fiscal 2005, but last year showed a net loss of £1.6 million, or 8 pence per share. There was a fivefold increase in R8D spending this year to £1.74 million.

There was also a considerable difference in administrative expenses incurred – a 36% jump to £860.818. James Hunter, the finance director, explained that this was due to costs associated with being a publicly listed company for the entire year, as opposed to only eight out of twelve months the previous year, a rise in headcount from 12 to 19 and legal costs associated with intellectual property protection.

Proximagen also drew attention to its cash position, which stood at £11.5 million at the end of the fiscal vear, down from £13 million at the end of 2005.

[lewisca] 30/3/2006 13:20

Now THIS I liked!

[trib4ubuy] 04/8/2005 11:33

I am amazed that the top highlight is the synthesis of 25 compounds. This is about a months output for a couple of chemists and says nothing to whether the compounds are any good or not. Then we have the filing of four patents - something that companies don't normally say too much about. Its the granting of patents that's important. Its hard to see where the value is in this company. They're a long way from the clinic and the revenue from contract research looks small.

[shirishg] 29/7/2005 13:50

Post removed by ADVFN

[fickena] 28/7/2005 10:01

2005 Interim Statement

25 July 2005


PROXIMAGEN NEUROSCIENCE PLC

(Proximagen or the Company)

INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2005

London, UK, 25 July 2005 – Proximagen Neuroscience plc (AIM: PRX), the specialty drug discovery and development company focused on neurodegenerative diseases, today announces its maiden interim results for the six months ended 31 May 2005.

Highlights:
· Significant progress on proprietary programmes in Parkinson's disease and neurodegenerative-related symptomatic relief programmes - 25 novel compounds synthesised and under evaluation

· Four patent applications filed during the period

· Three new service agreements signed during the six months

· Proximagen shares admitted to trading on AIM on 31 March 2005, raising £12.6 million of new capital, net of expenses

· Net cash as at 31 May 2005 of £13.3m

Commenting on the Group's interim results, Kenneth Mulvany, Chief Executive Officer of Proximagen Neuroscience plc, said:


Proximagen has truly world-class scientific capabilities, with substantial opportunities to build a leading position in the treatment of neurodegenerative disease. Proximagen has made a strong start as a publicly traded company and during the next few years we will strengthen our development and commercialisation capabilities to ensure we fully capitalise on the value generated from our pipeline. I am delighted with our continued strong financial performance generated by our service business which, in addition to strengthening our balance sheet, also serves to consolidate relationships with industry partners."

For more information please contact:

Proximagen Neuroscience plc (www.proximagen.com)

Kenneth Mulvany, Chief Executive Officer 020 7848 6011

Buchanan Communications

Tim Anderson / Mark Court / Mary-Jane Johnson 020 7466 5000



Chairman and Chief Executive's Statement

We are pleased to be reporting financial results for the first time since the successful listing of Proximagen Neuroscience plc on the London Stock Exchange's AiM in March 2005. We would like to thank all our shareholders for their continuing support and to welcome those shareholders who have joined the Company at flotation and subsequently.

The Company raised its target of £12.6m of new capital, net of expenses, through the Placing. In combination with our revenue-generating service agreements, this funding allows Proximagen to pursue the development of its drug discovery pipeline and its business.

Proximagen has made a confident and successful start to its first period of trading as a publicly quoted company. Strong progress has been made in our discovery pipeline of innovative neurodegenerative therapeutic candidates. Our guiding strategy is to raise the probability of successful development through stringent selection criteria and disciplined development. The Company intends to retain ownership of likely successful drug programmes through to proof-of-concept studies in man before out-licensing them to pharmaceutical companies in order to maximise value creation for our shareholders.

Discovery and Development

Proximagen possesses drug discovery capabilities of exceptional strength, including leading scientific research undertaken by Professor Peter Jenner, the Company's Chief Scientific Officer, who recently had his research facilities at King's College London awarded the prestigious National Parkinson Foundation's Center of Excellence. This designation constitutes the gold standard in Parkinson's disease research. In its discovery programmes, Proximagen is undertaking candidate synthesis and characterisation, and intends to select strong candidates for development.

As Proximagen grows, it is essential that its pipeline portfolio expands to include further areas of high, unmet neurodegenerative medical need. Proximagen is beginning to enhance its development capabilities in such indications so it is able to successfully profile opportunities in specialised disease areas for commercial success through carefully selected in-licensing candidates.

Intellectual property

During the period, Proximagen continued to pursue its aggressive intellectual property strategy where four new patent applications were filed based upon the Company's growing pipeline of in-house discovery initiatives. The first and second patent applications claim the use of a protein and protein fragments in the treatment of age-related neurodegenerative disorders. The Company has shown that the presence of this protein is implicated in the control of inflammatory changes in the brain. The third patent application claims a series of compounds designed to address the various limitations to the drug most widely prescribed for the treatment of Parkinson's disease including poor bioavailability, short half-life and side effect profile. The fourth patent application claims the use of a series of compounds for treatment of one of the major side effects seen in a significant proportion of patients treated for Parkinson's disease. The Company has shown that these compounds suppress the side effect in clinically predictive models without inhibiting the anti-Parkinson's activity of either levodopa or dopamine agonist drugs. Further patent applications are expected to be filed in the remainder of the year.

Outlook

Following the strong progress of the past few months, Proximagen is a company with firm foundations, good medium term prospects and significant opportunities for growth in the longer term. With a pipeline of promising drug candidates and a healthy balance sheet, we look to the future with confidence.

Financial review

In March 2005, the Company completed a successful IPO, listing its ordinary shares on the AIM market of the London Stock Exchange and raising its target of £12.6m net of expenses. This new funding together with existing revenues enables the Company to accelerate its in-house drug discovery programmes and provides the financial resource for acquiring carefully selected in-licensing opportunities.

We are pleased to report that revenues for the period have risen in line with expectations, and at the half-year stage we are significantly ahead of the Company's revenue for the entire nine-month trading period that ended on 30 November 2004. During the period, the Company signed three new service agreements with large pharmaceutical companies. Looking ahead, we are confident of achieving our full-year revenue targets whilst maintaining a balance between meeting our clients' needs and using our laboratory resources for the development of our drug candidates. During the period, we continued to maintain the strong financial discipline that has characterised the Company since its formation and added new efficiencies. As a result, the gross margin was increased to 56% for this period compared with 45% for the period ended 30 November 2004.

The balance sheet has been considerably strengthened, primarily due to the net proceeds of the share placing in March 2005. Net cash inflow from operating activities was £245,000, of which approximately £200,000 was generated by an improvement in working capital since 30 November 2004.

Proximagen's long-term business strategy is centred upon its commitment to innovative R&D as the principal route to creating shareholder value. Therefore, we are expecting our development expenditure to accelerate rapidly as we begin to invest more heavily to bring our leading compounds through pre-clinical development. To date, our increasing overhead cost base reflects this investment through the recruitment of new staff in key areas including the recruitment of Dr. Phillip Debnam to lead project management and Dr. Chris Hobbs to lead chemistry, with recruitment of further technical and developmental expertise, and through infrastructure improvement to support our current size and beyond.



Bruce Campbell
Kenneth Mulvany

Chairman
Chief Executive

Click for financials:

[fickena] 28/7/2005 10:00

There was an article in the FT on the 26th.

I have copied an extract here, but to read the full article you will need to suscribe to the FT.com.

[trib4ubuy] 17/5/2005 16:04

No news, no trades, pretty boring really.

[dd776] 30/4/2005 22:16

Artemis Aim vct has invested 500k in them .Gamble or intuition?

[trib4ubuy] 18/4/2005 13:27

Another one out of the IP2IPO stable, it'll be interesting to see how this one develops. Focus on Parkinson's and Alzheimer's disease. There's some contract research revenue there but the drug discovery side looks to be early stage.