Milestone triggered
King’s College London spin-out Proximagen Neuroscience plc, a specialist in neurodegenerative diseases, hit its first milestone under the terms of its licensing deal with Upsher-Smith Laboratories Inc, triggering a £3.5 million equity investment from Upsher.
The milestone was reached ahead of schedule as Proximagen reported positive preclinical results on the PRX1 programme in Parkinson’s disease. Following this first equity investment, Upsher-Smith will hold 7.1 per cent of the enlarged share capital of Proximagen.
As part of the agreement sealed in July 2008, Proximagen has already received an upfront payment. If all milestones are reached the deal worth will be worth £134.1 million plus up to double-digit royalties on global product sales. Upsher-Smith will be responsible for the worldwide development and commercialisation of PRX1.
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