Zeltia says its Neuropharma unit has "doubled in value`'

Spain's Zeltia says that its Alzheimer's disease drug development subsidiary Neuropharma has doubled in value to about 89.0 million euros ($118.6 million) in two years. Zeltia has told the local financial markets authority, the CNMV, that this valuation is "independent" and is based on the results of an operation to increase its capital, which is currently underway. Neuropharma was set up in 2000 and has so far produced no drug candidates. Last year, its losses were put at 800,000 euros. The current capital increase operation is being achieved through the issue of 3.5 million shares with 1-euro nominal value, with a premium of 10.37 euros, generating a value of 11.37 euros. Zeltia now controls 75.2% of Neuropharma, with Spanish industrialist Javier Tolleda holding 15%.