Drug developer Minster Pharmaceuticals is one of the longest serving Aim companies. It was originally introduced to Aim on 25 September 1995 as Riceman Insurance Investments, which had previously been traded on the rule 4.2 trading facility that was being closed by the London Stock Exchange. The introduction price was 16p (800p post-consolidation) a share. In 2001, the insurance business was sold for $300,000 in cash. It became a shell and changed its name to RII on 21 October 2003. A reverse takeover of BioPartners Ltd, involving the issue of an initial 968m pre-consolidation shares, was completed on 25 February 2005. At the same time £3m was raised at 0.75p (37.5p post-consolidation) a share. A further 645m (12.9m post-consolidation) shares will be issued if the company accepts an offer to licence any part of the intellectual property of BioPartners. On 27 March 2007, every 50 shares were consolidated into one new share. At that time £17m gross (£16.1m net) was raised at 65p a share. BioPartners was established in January 2001 and had acquired compounds from GlaxoSmithKline prior to reversing into RII to form Minster. The main drugs Minster is developing are migraine treatment tonabersat and sabcomeline, which is a treatment for schizophrenia. 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. GlaxoSmithKline will receive £3m on initiation of a phase III trial for sabcomeline. A further £10m is payable on the first major market filing for a product. Royalties are 4% of net sales up to £200m, 6% for the next £300m and 8% for more than £500m.