News blog

Proximagen Neuroscience

• BY: Andrew Hore |
• POSTED: 14/10/2008 |
• COMMENTS: Add yours

Upsher-Smith Laboratories has made its expected $6m investment in Proximagen Neuroscience shares.

The share price paid is around 227p a share, which is more than double the price when the original deal was announced in July and 90% higher than the previous day’s closing price. Upsher-Smith owns 7.1% of Proximagen.

The weakness of sterling has made the deal look even better. The investment was equivalent to £3.03m in July but now it is worth around £3.5m.

The deal relates to PRX1, which is a programme for the symptomatic treatment of Parkinson’s disease based on an improved version of L-Dopa – a known treatment. Proximagen says that the upfront and milestone payments alone could come to $232m (£134m) plus double digit royalties on sales.

This share investment by Upsher-Smith investment was triggered by positive pre-clinical results from PRX1. Upsher-Smith will be responsible for the worldwide development and commercialisation of PRX1 with Proximagen represented on a steering committee.

Proximagen shares rose 7.5p to 127.5p each.

© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

• $10bnForecast size of the coronary market by 2010
  
• 1200Number of clinics registered to provide laser treatment in the UK
  

News Blog

All micro news

Northern Bear

Northern Bear more than doubled its interim profits.

Continue reading... | 21/11/2008

SnackTime

Vending machines operator SnackTime is raising just over £1m to finance its expansion.

Continue reading... | 21/11/2008

Cambridge Mineral Resources

Cambridge Mineral Resources has started gold production at its Quintana Gold Mine in Colombia.

Continue reading... | 21/11/2008

Servoca

Servoca’s cost cutting programme will result in the company making a loss in the year to September 2008.

Continue reading... | 21/11/2008

All micro news