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PainCeptor Achieves Development Milestones for Innovative Pain Therapeutics Programs

10 Nov 2005 - PainCeptor Pharma Corp., a drug discovery and development company focused on novel therapeutic targets for the treatment of chronic and acute pain, announced that it has met its key development milestones and has selected pre-clinical development lead candidates for its two most advanced programs. The performance milestones were part of the Company's $23 M Series A venture funding in March, 2004, and specified a number of scientific and corporate development goals and timelines. As a result of meeting these objectives, the second and final tranche of the Series A financing has been released.
 
The most notable of these milestones was the selection of pre-clinical lead candidates for each of PainCeptor's two key programs, ASIC 1 and NGF/P75 antagonists. These candidate selections will enable the programs to advance through the pre-clinical toxicology and pharmacokinetics stages and remain on schedule for IND and the commencement of clinical trials in 2006 and early 2007, respectively.