News blog
Minster Pharmaceuticals
- BY: Andrew Hore |
- POSTED: 16/11/2008 |
Minster Pharmaceuticals expects to find a partner for its Tonabersat migraine treatment in 2009.
This should happen after the results of a study of more than 500 patients in the US and Canada are published in the first quarter of 2009.
The company expects a lot of interest from companies in the migraine market and it is appointing a business development officer in the US who will identify these companies.
Minster believes that there is potential market worth more than $1bn.
If tonabersat starts a phase III clinical trial Minster will have to pay GlaxoSmithKline a £5m milestone payment. A further £10m is payable on the first commercial sale of the product in a major market. Royalties are 4% of net sales up to £500m and 6% thereafter.
There are also other potential uses for tonabersat, including anti-seizure and neuropathic pain.
Minster increased its loss from £2.31m to £3.63m in the six months to September 2008.
First half R&D expenses were £3.08m and the full year figure will be around £6m.
There was £9m in cash in the bank at the end of September 2008. The cash figure should be £2m at the end of 2009.
The latest news added 2.5p to the share price, taking it to 11.5p. That values Minster at £6.77m.
Minster is starting an investor relations programme in the US in order to make US investors familiar with the business.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|