For immediate release

24 July 2006

 

 

Proximagen Neuroscience plc

(“Proximagen” or “the Company”)

 

SIGNIFICANT CONTRACT WIN

 

London, UK, 24 July 2006 - Proximagen Neuroscience plc (AIM: PRX), the drug discovery and development company focused on neurodegenerative diseases, is pleased to announce today that it has signed a significant new service agreement.

 

The service contract is with one of the world’s largest pharmaceutical companies to evaluate a marketed product for treatment of the early and late stages of Parkinson’s disease with the aim of extending its use. Although the specific terms of the contract are undisclosed, the contribution from this contract alone is expected to cover over 20 per cent of Proximagen’s anticipated operating costs for the current financial year.

 

Commenting on the agreement, Kenneth Mulvany, Chief Executive Officer of Proximagen, said:

“We have enjoyed a long and beneficial relationship with this major pharmaceutical company and are delighted to be working with them again on another important product. This contract demonstrates the value of our technology and our expertise in the field of Parkinson’s disease.  It also reflects our ability to provide clients with high quality support for furthering their programmes.”

 

For more information please contact:

 

Proximagen Neuroscience plc (www.proximagen.com)
Kenneth Mulvany, Chief Executive Officer	020 7848 6938
James Hunter, Finance Director
Buchanan Communications
Tim Anderson / Mark Court / Mary-Jane Johnson/	020 7466 5000
Catherine Breen

 

About Proximagen

Proximagen is a drug discovery and development company that is primarily focused on the identification and subsequent out-licensing of novel therapeutics to improve the quality of life for patients suffering from neurodegenerative disease such as Parkinson's disease and Alzheimer's disease.

 

Proximagen is building a development pipeline to address the significant medical needs of these patients and has made substantial progress in four proprietary programmes. Proximagen anticipates out-licensing its programs following successful Phase II proof of concept studies and commercializing carefully selected in-licensed and collaborative programs.

 

The company also generates significant revenues from providing assessment and advisory services to major pharmaceutical companies on their drug candidates for these therapeutic areas.

 

Proximagen joined the AIM market of the London Stock Exchange in March 2005.