CAMBRIDGE, United Kingdom, May 31, 2002 (PRIMEZONE) -- CeNeS Pharmaceuticals plc (LSE:CEN) today announced the spin-out of its cognitive testing division as part of the ongoing restructuring programme, which was initiated in October 2001.
CeNeS' cognition division has been sold to its management team funded by a syndicate of investors advised by Yorkshire Fund Managers. The new company will be called Cambridge Cognition. Under the terms of the agreement CeNeS will receive up to [Pounds]1 million. Of this total consideration, 700,000 Pounds is in upfront and stage payments and a further 300,000 Pounds is dependent on certain milestones.
Under the restructuring plan, CeNeS is focusing on its core business in the development, marketing and sale of drugs for the treatment of disorders of the CNS and pain, which has entailed reducing or disposing of non-core activities. CeNeS' cognition division was acquired in early 1997 and achieved revenues of over 1 million Pounds in 2001.The current management team was assembled in mid-2001 in preparation for the planned disposal that has completed today.
Commenting on the disposal, Neil Clark, Chief Operating Officer and Finance Director of CeNeS, said: "The disposal of the cognition division is another successful step under our restructuring programme. CeNeS' board started the planned spin out process in mid-2001 and we are pleased that the cognition division's management have obtained backing from a syndicate of investors who will support the further growth of the company and validation of the cognitive testing expertise."
CeNeS is a biopharmaceutical company specialising in the development and commercialisation of drugs for CNS disorders and pain control. The company currently markets four products, and has research and development assets targeting pain and CNS disorders. In addition it has a unique automated patch clamping technology called AutoPatch(TM). The company is based in Cambridge, England.
Cambridge Cognition has a range of products aimed at the monitoring and evaluation of CNS disorders. The range includes CANTAB, an automated battery of cognitive tests, which is being increasingly used by pharmaceutical, biotechnology and genomic companies.
For more information please contact: CeNeS Pharmaceuticals plc Alan Goodman/Neil Clark Tel: +44 1223 266466/Fax: +44 1223 266467 Noonan Russo Presence EURO RSCG Veronica Sellar/Dr. Douglas Pretsell Tel: +44 20 7726 4452/Fax: +44 20 7726 4453
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