Proximagen narrows fiscal 2008 loss
Proximagen Neuroscience, a UK drug discovery and development company focused on neurodegenerative diseases, has narrowed its loss for the year to November 30, 2008, on a $232.0-million licensing agreement signed with Upsher-Smith Laboratories.
The firm reported a loss of GBP2.3 million ($3.3 million), or 11.4 pence per share for fiscal 2008, compared to a loss of GBP3.0 million or 14.8 pence per share, last year. R&D investment totalled GBP2.3 million, down 12%, while the company's cash reserves stood at GBP10.2 million at the end of the period, up 20%.
Chief executive Kenneth Mulvany said: "I am very pleased to report that Proximagen has enjoyed a successful year. The licensing agreement signed in July 2008 with Upsher-Smith to develop the PRX1 program has progressed well and triggered an early milestone payment in October 2008. We also demonstrated our ability to deliver deals through the strategic partnership signed with Boehringer Ingelheim."
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
Copyright © The Pharma Letter 2025 | Headless Content Management with Blaze