Thursday, November 30, 2006
NewswireToday - /newswire/ - Toronto, ON, Canada, 11/30/2006 - Neuromedix has made important progress in the cure of Alzheimer's disease, and is planning for the next phase of product development through strategic alliance or acquisition
NeuroMedix Inc. (“NeuroMedix” or the “Company”) (TSXV: NMX) today announced that based on the positive pre-clinical development data received to date for its lead product, Minozac, it will now explore licensing or acquisition transactions with a view to maximizing shareholder value.
“As we complete the final stages of our pre-clinical development program and prepare towards the submission of our Phase I safety application to the regulatory authorities, our Board of Directors has directed management to seek strategic alliances with pharmaceutical and biotechnology partners and to explore merger and acquisition transactions”, said Dr. Mark L. Pearson, Chief Executive Officer, “Consistent with our business strategy, we plan to seek partners or acquirers with the financial resources to further advance the clinical development of Minozac in a bid to ensure Minozac’s rapid development to benefit patients with Alzheimer’s and other neuroinflammatory brain indications. Our Board has assessed Minozac’s commercial potential in several large markets, including the treatment of Alzheimer’s disease, and believes this path will maximize value to NeuroMedix shareholders.”
As a first step in this business strategy, NeuroMedix plans to complete an interim financing before the end of the year.
NeuroMedix provides no assurance that the implementation of a process to explore licensing or acquisition transactions with a view to maximizing shareholder value will result in a transaction. No decision has been made to enter into any transaction at this time. The Company will retain investment bankers to provide financial advice to NeuroMedix in this process.
NeuroMedix is a biotechnology company focused on the development of therapeutic agents for the treatment of degenerative and inflammatory diseases of the central nervous system, such as Alzheimer’s disease, traumatic brain injury, neuropathic pain, age-related macular degeneration and multiple sclerosis. Our therapeutic drug candidates are based on research from a team of leading experts in the field of neuroinflammation at Northwestern University and have been demonstrated to reduce brain inflammation, to protect neuronal cells, and to prevent the loss of cognitive function in an Alzheimer’s disease animal model in mice. Our lead candidate, Minozac has also been shown to reduce inflammation and prevent loss of cognitive function in mice suffering traumatic brain injury. Based on these findings, NeuroMedix is pursuing the development of its lead compound for Alzheimer’s disease and traumatic brain injury in humans. NeuroMedix’s shares are listed on the TSX Venture Exchange under the symbol “NMX”.