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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