Announcement
31.08.2012
On 16 December 2011, NeuroSearch A/S (NEUR) announced that leading NeuroSearch employees had founded a new company, Aniona ApS, with the aim of establishing the basis for the continuation of the research and development activities which NeuroSearch had decided to wind down as part of the restructuring of the company. NeuroSearch holds no ownership in Aniona.
Transfer of Research Agreement with Janssen
NeuroSearch has signed an assignment agreement with Janssen Pharmaceutica, NV and Aniona regarding a transfer to Aniona of all of NeuroSearch’s rights and obligations under a research, development, and commercialization agreement between Janssen Pharmaceutica, NV and NeuroSearch, dated August 2009, the research term of which will expire in August 2013. The effective date of the assignment agreement is 1 September 2012.
In connection with the assignment agreement, NeuroSearch will grant a loan of EUR 340,000 to Aniona to cover the operations of Aniona which will employ a total of 12 employees transferred from NeuroSearch. NeuroSearch is entitled to receive part of the future option payments that Aniona may receive if Janssen exercises certain options under the research agreement.
Transfer of projects
In addition, NeuroSearch and Aniona have signed an agreement regarding contingent transfer of the clinical projects NSD-788 and NSD-721 as well as transfer of a number of preclinical projects and early research projects. Aniona is to pay royalties, which will be stepped down over a number of years, to NeuroSearch of all future revenues from NSD-788 and NSD-721 as well as a modest one-off payment at the initiation of clinical trials with one of the preclinical or early research projects.
Financial expectation to 2012
The contents of this announcement does not influence the company's previously released financial expectations to 2012.
René Schneider, CEO of NeuroSearch, says:
"We are pleased to transfer the Janssen agreement and other research projects to Aniona. We wish Aniona the best of success with the continued research work and are pleased to assist Aniona with practical arrangements during the company's start-up phase."
Jørgen Drejer, CEO of Aniona, adds:
"In Aniona, we are pleased to have had the opportunity to continue with Janssen and the other projects. The Aniona employees have been deeply involved in all of these projects and will work dedicatedly to get them further and attract financing for the continuation of Aniona."
René Schneider
CEO
Contacts
René Schneider, CEO, NeuroSearch A/S, telephone: +45 4460 8700 or +45 2911 2097
Jørgen Drejer, CEO, Aniona, telephone: +45 4460 8236 or +45 2028 9705
About NeuroSearch
NeuroSearch A/S (NEUR) is a European-based biopharmaceutical company specialising in CNS diseases. The company is listed on NASDAQ OMX Copenhagen A/S. The company’s product pipeline comprises Huntexil® for the treatment of motor symptoms in patients with Huntington's disease and ordopidine and seridopidine, which have both completed phase I studies. NeuroSearch is seeking a global partner for the final development and marketing of Huntexil®, which is currently in phase III development. The company also has a portfolio of assets for outlicensing or divestment.
About Aniona
Aniona ApS is a Danish pharmaceutical company focusing on the treatment of diseases of the central nervous system. The company is based on more than 20 years of research experience from NeuroSearch A/S and specifically the unique competencies which have been developed within ion channel modulation.
