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Proximagen Signs Sale and Purchase Agreement for Sabcomeline

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Proximagen Group plc, the biotechnology company focused on diseases of the central nervous system, announces that it has signed a Sale and Purchase Agreement with BrainCells Inc. (BCI) for Proximagen’s sabcomeline programme.

Under the terms of the Agreement, BCI will pay Proximagen an up-front fee and milestone payments together worth up to $51 million, as well as a royalty on sales. Proximagen had acquired sabcomeline in February 2010 through its acquisition of Minster Pharmaceuticals plc (Minster).

Under the terms of the Agreement, BCI will own the worldwide rights to sabcomeline and will be responsible for the clinical development, regulatory filing and commercialization of the drug candidate. The Agreement transfers from Proximagen to BCI the rights and obligations under the sabcomeline development and licence agreement signed between Minster and SmithKline Beecham plc (subsequently GlaxoSmithKline, “GSK”) in April 2001. Consequently, BCI is now entirely responsible for future milestone and royalty payments due to GSK under the April 2001 agreement.

Sabcomeline, a muscarinic partial agonist, has been shown to be safe and well-tolerated in over 3,000 patients. BCI plans to initiate a Phase 2 clinical trial to evaluate sabcomeline as augmentation to SSRIs for the treatment of patients with major depressive disorder. Improvements in cognitive function will also be measured.