Below please find the first part of the NeuroSearch A/S Q1 Report 2008 - The
full text
is included in the attachted pdf file.
NeuroSearch A/S - Q1 Report 2008
Today, the board of directors of NeuroSearch considered and approved the
interim report for the period 1 January to 31 March 2008.
A loss after tax of DKK 76.0 million was posted (Q1 2007: a loss of DKK 56.7
million).
Capital resources totalled DKK 823.5 million at 31 March 2008 (DKK 424.5
million at 31 March 2007).
Since the turn of the year, NeuroSearch has succeeded in continuing the very
satisfactory developments in the company. Thus, recent years' favourable
developments and growth in the pipeline of drug candidates have continued into
2008. In particular, the recent initiation of Phase III clinical studies with
ACR16 for the treatment of Huntington's disease was an important step forward
for NeuroSearch towards bringing its first drug to market and the patients.
Key activities and events in Q1 2008:
• From the development programme with tesofensine for the treatment of
obesity/type 2 diabetes, NeuroSearch has reported additional efficacy and
safety data which support the further development of the product. NeuroSearch
has continuing ongoing clinical activities relating to tesofensine and the
majority of these are expected to be completed during the first half of 2008
along with the planning and discussion of the further clinical development with
the relevant regulatory authorities and advisers.
• In March 2008, NeuroSearch dosed the first healthy volunteers in a Phase I
clinical study of NSD-788 with a view to developing this drug candidate as a
new treatment for anxiety and depression. The study is progressing according to
plan.
• In January 2008, NeuroSearch issued 185,755 new shares at DKK 319.21 per
share to the sellers of Carlsson Research AB as a milestone payment in
connection with the start-up of Phase I clinical studies of the drug candidate
ACR343 as a treatment for Parkinson's disease.
Events after 31 March 2008:
• On 25 April 2008, NeuroSearch dosed the first patients in a European Phase
III clinical study of ACR16 for the treatment of Huntington's disease and
thereby reached a very significant milestone in the development of this
product. Currently, no effective treatment for Huntington's disease exists. The
initiation of the European Phase III study with ACR16 triggers a milestone
payment of SEK 100 million (DKK 80 million/EUR 10.6 million) to the former
sellers of Carlsson Research AB. NeuroSearch can decide to pay either in cash
or by delivery of shares.
• NeuroSearch's associated company, NsGene A/S (25% interest), announced
earlier in April that it had reached an important milestone with its successful
Phase Ib dosing of NsG0202 in Alzheimer patients.
• The board of directors of NeuroSearch has proposed a number of changes to its
composition, including election of two new members: Dr. Anders Ullman and Dr.
Gerard van Odijk. Both of these candidates have broad experience from several
executive positions in the international pharmaceutical industry and are
expected to be able to contribute significantly to ensuring the further growth
and development of NeuroSearch in the years to come. In order to support a
generational change in the company's board of directors, Asger Aamund, the
current Chairman of the board, Vice-Chairman Marianne Philip and Jørgen Buus
Lassen, former president and CEO, have decided not to offer themselves for
re-election. Thomas Hofman-Bang, existing member of the board of directors, is
proposed as new chairman of the board.
NeuroSearch retains its guidance for the year ending 31 December 2008 of a loss
before financials in the region of DKK 450 million as announced in early March
in the full-year report for 2007. The forecast does not include any kind of
success-based payments that may be realised during the year, neither from
existing nor from new partnership agreements.
Asger Aamund
Chairman of the board
Presentation of the Q1 Report 2008
The Q1 2008 report will be reviewed at NeuroSearch's Annual General Meeting,
which will be held today at 4.00 pm at the Radisson SAS Falconer Hotel.
Contact persons:
Flemming Pedersen, CEO, telephone: +45 4460 8214 or +45 2148 0118
Hanne Leth Hillman, Vice President, Director of IR & Corporate Communications,
telephone: +45 4460 8212 or +45 4017 5103
NeuroSearch (NEUR) is a Scandinavian biopharmaceutical company listed on the
OMX Nordic Exchange Copenhagen A/S. Our core business covers the development of
novel drugs, based on a broad and well-established drug discovery platform
focusing on ion channels and CNS disorders. A substantial part of the company's
activities are partner financed through a broad strategic alliance with
GlaxoSmithKline (GSK) and collaborations with Abbott and Astellas. The drug
pipeline comprises 13 clinical (Phase I-III) development programmes: ACR16 in
Huntington's disease (Phase III), tesofensine in obesity (Phase III in
preparation), NS2359 in depression (Phase II) and ADHD (Phase II) in
partnership with GSK, ABT-894 in ADHD (Phase II) and pain (Phase II) in
partnership with Abbott, ACR16 in schizophrenia (Phase I) in partnership with
Astellas, ACR325 in bipolar disorder (Phase I), ABT-107 as well as ABT-560 for
the treatment of various CNS diseases, both (Phase I) in collaboration with
Abbott, NSD-644 in pain (Phase I) in partnership with GSK, ACR343 in
Parkinson's disease (Phase I) and NSD-788 in anxiety and depression (Phase I).
In addition, NeuroSearch has a broad portfolio of preclinical drug candidates
and holds equity interests in several biotech companies.
