Proximagen narrows fiscal 2008 loss

29 March 2009

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."

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