Further to the Company's announcement on 30 October 2009, Proximagen Neuroscience plc (AIM: PRX) is pleased to announce that it has completed the acquisition of Cambridge Biotechnology Ltd ("CBT") and the purchase of certain drug development programmes from Biovitrum AB ("Biovitrum") (STO: BVT).

Commenting on the completion, Kenneth Mulvany, Chief Executive Officer of Proximagen Neuroscience plc, said:

"We are very excited by the opportunity that this acquisition affords Proximagen and we are looking forward to working with our new team at CBT."

"The Company looks forward to updating investors, through a pre-close trading update in January 2010, on events since our fund-raising in June 2009 and our plans for further delivering on our strategy."

For further information, please contact:

Proximagen Neuroscience plc

Kenneth Mulvany, Chief Executive Officer
James Hunter, Finance Director
Phone: +44 (0)20 7848 6938

Buchanan Communications

Tim Anderson, Catherine Breen
Phone: +44 (0)20 7466 5000

Evolution Securities Limited (NOMAD)

Stuart Andrews, Bobbie Hilliam
Phone: +44 (0)20 7071 4300