CeNeS Pharma's L4.8M placing; recruits Ph III for M6G

CeNeS Pharmaceuticals, a UK biopharmaceutical company developing a new generation of pain management products, says it has placed an aggregate of 74,169,194 new ordinary shares at 6.5 pence each, to raise just over L4.82 million ($9.5 million, before costs) with certain institutional and other investors. The shares were placed on behalf of the firm by JM Finn & Co.

The net proceeds will be used to further develop the current CeNeS portfolio of products. It is anticipated that dealings will commence in these shares on December 7.

CeNeS also announced that it has successfully completed patient recruitment in its pivotal Phase III trial with M6G in Europe (Study M6G022) for the treatment of post operative pain. The study enrolled over 500 patients at 24 centers in six countries, with results expected in early 2007.