Proximagen Neuroscience Share Discussion Threads

[elgordo] 05/1/2010 10:44

Looks like I was wrong about this board "livening up" once PRX announced an acquisition. Admittedly a small deal (and, as far as I can figure, not at a significant premium to MDM's cash balances - £4.3m v £3.5m), but nice to see some activity here.

[investinggarden] 12/11/2009 10:20

Proximagen expands

[elgordo] 04/11/2009 20:30

Wow, it really is quiet here, isn't it? Clearly the CBT acquisition was too minor to attract any interest. I guess things will liven up when PRX announces its first major acquisition using some of its £50m war chest.

[bobt5940] 21/10/2009 19:18

This board is like The Marie Celeste - is anyone there?

[investinggarden] 08/7/2009 12:18

Buy recommendation from Growth Company Investor

[davidcollins] 05/6/2009 13:20

Good news today. Now with 57m cash going forward the future is looking very exciting.

[yohoho] 19/2/2009 10:54

Sub a pound here we come....

[yohoho] 11/2/2009 14:24

Falling now. A long way to go......

[yohoho] 26/1/2009 22:34

Ludicrously overvalued... directors purchases are pathetically small. Nothing new on the development front to add to the coffers. Sell down to cash.

[promethean] 05/12/2008 10:47

Posted this on stockopedia... FYI - doesn't seem like any PI's have picked up on Proximagen yet...

The latest surge above 140p has coincided with some unified director buying. Admittedly the size of the trades is pretty small... e.g. the Chairman only bought a few grands worth... although non-exec RD Ashton bought about 30k's worth from scratch. And the FD bought his first 5k worth.

5 directors bought together... I wonder whether 4 of them decided to pick up some more while Ashton built an initial stake... I always find these titchy directors purchases rather peculiar, but in spite of that it has to be taken as a good sign. Ashton is by all accounts the former CEO of SkyePharma and hardly lacking a bob or tow.

Things are going well for Proximagen at present though, so I guess we should take these dealings as positive. It certainly is in stark contrast to the huge offloading of shares going on at Abcam which has a similarly buoyant share price.

[promethean] 02/12/2008 13:55

ok we've got some serious buying going on at proximagen now after the news of the licensing agreement... and one of only 3 new highs on AIM at present.. I'm posting my comments on stockopedia ... come and discuss it there if you are interested.

[saturn5] 02/11/2008 09:41

Keep an eye on the sp

[borchardt] 23/10/2008 15:59

One of my few winners - great prospects in one of the few sectors that can still prosper in a recession

[contrarian trader] 23/10/2008 13:38

Looks interesting.

New 52 week high today, not many of them around.

[the_doctor] 14/7/2008 07:36

Well done guys!

[charmer1_23] 14/7/2008 07:32

RNS Number : 9598Y
Proximagen Neuroscience Plc
14 July 2008



For immediate release
14 July 2008








PROXIMAGEN NEUROSCIENCE PLC

('Proximagen' or 'the Company')




PROXIMAGEN SIGNS $232 MILLION LICENSING AGREEMENT WITH

UPSHER-SMITH TO DEVELOP PRX1 PROGRAMME




$6 MILLION EQUITY INVESTMENT IN PROXIMAGEN AT c.200 PENCE PER SHARE BY UPSHER-SMITH




~ Upfront payment, milestone payments totalling up to $232 million payable to Proximagen ~

~ Royalties payable to Proximagen on worldwide sales ~




London, UK - Proximagen Neuroscience plc (AIM: PRX), the drug discovery and development company focused on neurodegenerative diseases, is today pleased to announce it has entered into a worldwide licensing agreement ('the Agreement') with Upsher-Smith Laboratories Inc. ('Upsher-Smith'), the Minnesota-based company which develops, manufactures and markets pharmaceuticals in a number of therapeutic areas. The Agreement covers the development and commercialisation of Proximagen's proprietary PRX1 programme for the symptomatic treatment of Parkinson's disease (PD). Proximagen will receive an upfront payment and milestone payments totalling up to $232 million (£117 million*), plus royalties on global product sales.




Highlights of the Agreement:




Upsher-Smith will pay Proximagen an upfront payment and milestone payments totalling up to $232 million (£117 million*) upon the PRX1 programme reaching certain development and sales milestones;

According to the terms of the Agreement, Upsher-Smith expects to make a $6 million (£3.03 million*) equity investment in Proximagen at c.200 pence per share, a premium of c.100% to the closing share price of Proximagen on Friday 11 July 2008;

Upon this first equity investment, Upsher-Smith will hold 7.1% of the enlarged issued share capital of Proximagen;

Under the terms of the Agreement, Proximagen is entitled to up to double-digit royalties on global product sales on an escalating royalty basis; and

Upsher-Smith will be responsible for the worldwide development and commercialisation of PRX1 under the direction of a joint steering committee on which there will be representation from Proximagen.




Upsher-Smith




Upsher-Smith is an established and rapidly growing, privately-held company based in Minneapolis, Minnesota. It is a fully integrated pharmaceutical company with expertise in product development, formulations research, clinical research, pharmacovigilance, manufacturing, marketing and sales, as well as legal, regulatory affairs and quality assurance. Upsher-Smith's core focus has traditionally been on developing branded and generic products in the therapeutic areas of women's health, dermatology, cardiology and neurology, and the Agreement demonstrates Upsher-Smith's strategic intent to broaden its pipeline in disorders of the central nervous system.




PRX1 - Meeting a high unmet market need




Proximagen's PRX1 programme, which is currently in the pre-clinical stage of development, has been designed to provide a 'super' version of L-DOPA, the current gold-standard treatment for PD, to overcome the problems associated with the current treatment of PD. The results from the PRX1 development programme are deemed by scientific experts to be highly significant and the drug candidate has the potential to become the drug of first choice for addressing motor symptoms associated with PD. The worldwide market for PD therapeutics is estimated to be valued at more than $2.5 billion per annum (source: IMS Health).




The PRX1 drug candidate has shown significantly increased biological half-life (the period of time required for the concentration or amount of drug in the body to be reduced by one-half) in pre-clinical studies compared with L-DOPA. This could represent a significant advancement in the current treatment of patients, since the existing L-DOPA controlled release preparations increase the half-life of L-DOPA by less than two hours. By increasing the plasma half-life in patients, the desired effect of Proximagen's drug candidate, compared to the traditional L-DOPA, would be to reduce the peak and trough blood levels associated with involuntary movements in PD, reduce the number of daily doses needed and thereby improve patients' sleep and general quality of life.




Furthermore, in pre-clinical studies, the administration of the PRX1 drug candidate at dose equivalents to L-DOPA produced maximal reversal of motor disability with virtually no dyskinesia side effects.




Commenting on the Agreement, Kenneth Mulvany, CEO of Proximagen Neuroscience plc, said:




'We are delighted to have partnered our PRX1 programme with Upsher-Smith, a company whose ambitions for meeting the needs of Parkinson's disease patients match our own and whose excellence in clinical development and commercialistion complements Proximagen's expertise in research and development. We are confident that the two companies will make excellent partners, and together, we look forward to maximising the potential of this exciting programme.




'This deal demonstrates Proximagen's ability to leverage our expertise in Parkinson's disease to discover first class drug candidates, as well as our ability to commercialise early stage products.




'Proximagen already has a strong cash balance and is now very well positioned to continue investment in its pipeline and exploit commercial opportunities as they arise to continue building value for shareholders.'




Tom Burke, Executive Vice President Commercial Operations for Upsher-Smith, added:




'PRX1 is a novel pharmaceutical drug candidate that we believe could become a leader in the treatment of Parkinson's disease. We are excited by the potential market opportunity and the profile of the PRX1 programme drug candidate. We are also delighted to be working with Proximagen, a company with world class expertise in the field of Parkinson's disease.




'Upsher-Smith's strength in the development and commercialisation of pharmaceutical products will enable us to successfully take the PRX1 programme to the next stage of development and beyond. There is a clear unmet medical need for the treatment of Parkinson's disease and we look forward to the successful development of PRX1.'




* Exchange rate used: £1=$1.98




For further information, please contact:




Proximagen Neuroscience plc
Tel: [phone]

Kenneth Mulvany, Chief Executive



James Hunter, Finance Director








Buchanan Communications
Tel: [phone]

Mary-Jane Johnson, Tim Anderson, Catherine Breen








Canaccord Adams Limited (NOMAD)
Tel: [phone]

Mark Williams, Adria Da Breo-Richards







About Proximagen

Proximagen is a drug discovery and development company that is primarily focused on the identification and subsequent out-licensing of novel therapeutics to improve the quality of life for patients suffering from neurodegenerative disease such as Parkinson's disease and Alzheimer's disease.




Proximagen is building a development pipeline to address the significant medical needs of these patients and has made substantial progress in five proprietary programmes. Proximagen anticipates out-licensing its programmes at early stages up to and including Phase II proof of concept studies and commercialising carefully selected in-licensed and collaborative programmes.




Proximagen joined the AIM market of the London Stock Exchange in March 2005. For more information please visit the Company's web site: www.proximagen.com.




About Upsher-Smith

Upsher-Smith is pursuing improved drug therapies to improve people's lives. The evolution of our company is driven by the ever-changing needs of patients, physicians, pharmacists, and healthcare organizations. Our perspective is not 'more products,' but the right products that make people's lives better. At every level of our business, we are driven to be the best.




Upsher-Smith Laboratories is focused on market expansion in women's health, dermatology, and cardiology, in addition to developing products for neurology. Our most valuable resources are the people who create and innovate products to support healthcare professionals.




For more information, please visit Upsher-Smith's website at www.upsher-smith.com.


This information is provided by RNS
The company news service from the London Stock Exchange

END


AGREAEXDFSEPEAE

[mtness] 02/1/2008 08:16

First post in 3 weeks on this thread - PRX up sharply this morning - could be because it was tipped for 2008 by the Independent -

[mike111d] 10/12/2007 12:24

We will soon be back up to the float price at this rate.

Not that it really matters but were an offer to have been progressed it needed to have been north of £2 to secure the support of the founder and institutional holders.

[mike111d] 08/12/2007 19:52

If so, he could well be proven correct and FWIW I also have a high regard for KM and the PRX business model.

[outlook123] 08/12/2007 19:24

Remarkable turnaround in the share price intra-day yesterday.

Apparently, Ken Mulvaney was on the phone to brokers after the announcements pointing out that this would be a good time to buy and he seems to have been proved right!

KM's highly regarded and seems to be very thrifty and shrewd in retaining a large cash reserve.

[trib4ubuy] 23/10/2007 12:35

Three months now and no clarity on a potential acquisition. I wondered if one of the 'number of parties' was Vernalis. They have presumably dropped out now, given their problems with Frovatriptan. Speculating on other parties -Amarin? Elan? Oxford Bio?

[mike111d] 01/10/2007 12:49

Hi Martin, if you sent the email to Ken I am sure that he will get back to you. Given that the offer approach was unsolicited, you could be right about them keeping their cards close to their chest.

[martin c-j] 01/10/2007 12:43

Hi Mike - I thought you might be watching. I sent an email to PRX requesting that they give a detailed breakdown of their pipeline on their website. There has to be a good reason why they did not include it on their website. At the moment it looks as if they would prefer to keep their cards tight to their chest. Now it might be because they have something they want to keep secret, or they have nothing they warrants keeping secret but would like to give the impression that they do.