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Proximagen Neuroscience

  • BY: Andrew Hore |
  • POSTED: 14/10/2008 |

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.

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