Proximagen Neuroscience plc, a biotechnology company focused on diseases of the central nervous system, announces that it has signed a development, license and sub-license agreement with Upsher-Smith Laboratories Inc. in relation to tonabersat, a drug compound recently acquired by Proximagen through its acquisition of Minster Pharmaceuticals plc.

Under the terms of the agreement, Upsher-Smith will undertake the clinical development, regulatory filing, and commercialization of tonabersat for epilepsy in the USA, Canada, and Mexico and Proximagen will be entitled to royalty-free use of Upsher-Smith’s arising clinical data when developing tonabersat for Europe, a market to which Proximagen is retaining full rights. Upsher-Smith will also be making an upfront payment to Proximagen and any royalties and milestone receipts arising from sub-licensing tonabersat in territories excluding North America and Europe will be shared equally between Proximagen and Upsher-Smith.

The agreement also includes the grant of a sub-license of certain patents and know-how which were originally licensed to Minster by SmithKline Beecham plc (GSK). GSK has been made aware of the partnering discussions with Upsher-Smith and their support has enabled the agreement with Upsher-Smith. The signing follows the announcement by Proximagen on March 10 that tonabersat had achieved positive efficacy results in National Institute of Health non-clinical epilepsy studies.

Date: April 12, 2010
Source: Proximagen Neuroscience plc