CeNeS Announces the Sale of its Chemical Library of Ion Channel Blockers to Scion Pharmaceuticals Inc for up to $2.8 million

30-Nov-2001
Cambridge UK, November 29, 2001 - CeNeS Pharmaceuticals plc announced today that it had signed an agreement to sell its chemical library of ion channel blockers to Scion Pharmaceuticals Inc, a US based ion-channel focused research and development company. Under the terms of the agreement, Scion will acquire CeNeS' chemical library and associated intellectual property. In return CeNeS will receive $300,000 in cash at completion together with further stage payments totalling $500,000 and up to $2 million in the form of milestone dependent payments. CeNeS' current development compounds focused on pain and disorders of the central nervous system do not form part of this agreement. Commenting, Neil Clark, Chief Operating Officer of CeNeS Pharmaceuticals plc, said: 'As part of our restructuring plan we are divesting certain non-core assets and are very pleased to have reached this agreement with Scion. We maintain a carried interest in the library and believe that Scion are well positioned to exploit this asset to its maximum potential.'

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