Allen appointed to spearhead Proximagen's licensing drive

Peter Allen will be named as the new non-executive chairman of Proximagen Neuroscience this morning in a move that the group hopes will spearhead its consolidation of parts of the biotech industry.

Mr Allen has been appointed to the boards of several companies in the biotech industry in recent years. He is currently the non-executive chairman of the London-listed ProStrakan and the private group, Chroma.

Mr Allen has also helped to manage the sale of two other biotech groups. He is the finance director of Abacus, which was sold to Avent of the US last month and was a non-executive director of Acambis for a brief period last year, before it was sold to the pharmaceutical giant Sanofi-Aventis.

It is this experience that Proximagen will be hoping to tap as it seeks new merger, acquisition and licensing deals of its own. "I am delighted that Peter has chosen to join our board," Proximagen's chief executive Ken Mulvany. "He brings considerable relevant experience to Proximagen, particularly from within the biopharma and merger and acquisitions arena."

Proximagen, which specialises in finding treatments for neurodegenerative diseases such as Parkinson's and Alzheimer's, has previously stated that it is actively trying to find acquisition targets. Mr Mulvany said in August, at the time of the group's interim results, that Proximagen "is well positioned to continue investment in our pipeline and exploit commercial opportunities as they arise".

Proximagen has seen its share price rise by nearly 40 per cent over the past 12 months and was picked as a stock tip at the start of 2008 by The Independent.

The group benefited last year by signing several agreements with other companies that it hopes will lead to substantial several milestone payments. In July, the group struck a $232m (£160m) licensing deal with Upsher-Smith, and, earlier in the year, the company penned a partnership agreement with Boehringer Ingelheim.

"Proximagen is operating in a very exciting scientific area and the company is well positioned in terms of the collaborations it has already signed and its financial standing," said Mr Allen.

Start your day with The Independent, sign up for daily news emails
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine
Letterman's final Late Show: Laughter, but no tears, as David takes his bow after 33 years

Laughter, but no tears, as Letterman takes his bow after 33 years

Veteran talkshow host steps down to plaudits from four presidents
Ivor Novello Awards 2015: Hozier wins with anti-Catholic song 'Take Me To Church' as John Whittingdale leads praise for Black Sabbath

Hozier's 'blasphemous' song takes Novello award

Singer joins Ed Sheeran and Clean Bandit in celebration of the best in British and Irish music
Tequila gold rush: The spirit has gone from a cheap shot to a multi-billion pound product

Join the tequila gold rush

The spirit has gone from a cheap shot to a multi-billion pound product
12 best statement wallpapers

12 best statement wallpapers

Make an impact and transform a room with a conversation-starting pattern
Paul Scholes column: Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?

Paul Scholes column

Does David De Gea really want to leave Manchester United to fight it out for the No 1 spot at Real Madrid?
Season's finale brings the end of an era for top coaches and players across the continent

The end of an era across the continent

It's time to say farewell to Klopp, Clement, Casillas and Xavi this weekend as they move on to pastures new, reports Pete Jenson
Bin Laden documents released: Papers reveal his obsession with attacking the US and how his failure to keep up with modern jihad led to Isis

'Focus on killing American people'

Released Bin Laden documents reveal obsession with attacking United States
Life hacks: The innovations of volunteers and medical workers are helping Medécins Sans Frontières save people around the world

Medécins Sans Frontières's life hacks

The innovations of volunteers and medical workers around the world are helping the charity save people
Ireland's same-sex marriage vote: As date looms, the Irish ask - how would God vote?

Same-sex marriage

As date looms, the Irish ask - how would God vote?
The underworld is going freelance: Why The Godfather's Mafia model is no longer viable

The Mafia is going freelance

Why the underworld model depicted in The Godfather is no longer viable