Biovitrum Completes Divestiture of Cambridge Biotechnology

25-Nov-2009 - United Kingdom
Biovitrum AB announced that it has completed the divestiture of its wholly-owned subsidiary Cambridge Biotechnology Ltd (CBT), and the sale of certain drug development programs, to Proximagen Neuroscience plc. The drug development programs consist of the pre-clinical stage programs VAP-1 and Trk A, as well as two clinical stage programs, the 5-HT2c agonist and the 5-HT6 antagonist programs. In return Biovitrum will receive a share of future revenues generated from the pipeline. "We are pleased that CBT along with its promising small-molecular pipeline in important primary care areas will get a new home, as we are focusing on recombinant protein pharmaceuticals in specialist indications. We are convinced that Proximagen will develop these exciting programs, and leverage their full potential value, for the benefit of patients with unmet medical needs," said Martin Nicklasson, CEO of Biovitrum.

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