Proximagen Neuroscience plc
(the "Company")

TERMINATION OF OFFER PERIOD

London, UK, 7 December 2007 – Proximagen Neuroscience plc (AIM: PRX), the drug discovery and development company focused on neurodegenerative diseases, announces today that, following the statement dated 31 July 2007 regarding press speculation and approaches received from a number of parties who had expressed an interest in acquiring the Company, all offer discussions have now ceased.  As a consequence, Proximagen is no longer in an offer period.

Commenting on this announcement, Kenneth Mulvany, Chief Executive Officer of Proximagen Neuroscience plc, said: “I am very pleased that the takeover talks have now ended.  Proximagen has an exciting scientific pipeline, a very experienced team and a strong financial position.  We are also delighted today to be announcing a partnership agreement with Boehringer Ingelheim for one of our proprietary research programs.  This is an endorsement of our business and is consistent with our overall strategic plan to move multiple indications forward simultaneously within each of our programs by collaborating with high-quality companies.  We look forward to the future and to progressing the exciting pipeline that Proximagen has developed.” 

For more information please contact:

Proximagen Neuroscience plc (www.proximagen.com)         

Kenneth Mulvany, Chief Executive Officer                                             020 7848 6938

James Hunter, Finance Director                                                             020 7848 6938

Tim Anderson / Mary-Jane Johnson / Catherine Breen                            020 7466 5000

Capel Irwin / Richard Newman