CAMBRIDGE, UK, Oct. 30, 2001 (PRIMEZONE) -- CeNeS Pharmaceuticals plc (LSE:CEN) today announced that it is terminating the development and licence agreements it has with Bioglan Pharma Plc (LSE:BGP) for the development of a sub-lingual opiate spray product for the treatment of pain. CeNeS is reluctantly taking this action as a result of Bioglan's failure to comply with its development obligations under the agreement. CeNeS is currently seeking compensation from Bioglan for the losses it has suffered.
Commenting, CeNeS Chairman Alan Goodman noted, "It is unfortunate that this situation has arisen, however, in the interest of both CeNeS and its shareholders, we feel it is appropriate to take this action."
CeNeS is a biopharmaceutical company specializing in the development and commercialization of drugs for CNS disorders and pain control. The company currently markets four products, and has a research and development pipeline targeting pain, stroke, schizophrenia, addiction, sleep disorders, Parkinson's disease and multiple sclerosis. CeNeS also has a cognitive division, which markets CANTAB, a computerized cognitive test, and a drug delivery division. In addition it has a range of platform technologies including AutoPatch(tm), its unique automated patch-clamping technology. The group has modern research and manufacturing facilities in Cambridge, England, Irvine, Scotland and Boston.
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