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Real-Time news about Proximagen Grp (London Stock Exchange): 0 recent articles
|elgordo: A great result. Any other holders out there with thoughts on whether better to sell into the market, or take the 320p and the CVRs? Should have a good few weeks to decide, and the implied value of the CVRs appears to be creeping upwards... I'm minded to gamble that Upsher-Smith's confidence in acquiring the VAP-1 and PRX00933 programs will convert into successful commercialisation down the line, but if the share price moves up further there will be a point where it becomes clearly better to take the money now. What I have no way of assessing is where that point lies.|
|promethean: 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.|
|charmer1_23: 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 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: 020 7848 6938
Kenneth Mulvany, Chief Executive
James Hunter, Finance Director
Tel: 020 7466 5000
Mary-Jane Johnson, Tim Anderson, Catherine Breen
Canaccord Adams Limited (NOMAD)
Tel: 020 7050 6500
Mark Williams, Adria Da Breo-Richards
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.
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
|outlook123: 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.|
Proximagen Neuroscience share price data is direct from the London Stock Exchange