Allen appointed to spearhead Proximagen's licensing drive
Monday 02 February 2009
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.
- 1 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 2 Greece debt crisis explained: A history of just how the country landed itself in such a mess
- 3 People all over the world are getting semicolon tattoos to draw attention to mental health
- 4 Greek debt crisis: Yanis Varoufakis's funniest (and most memorable) quotes
- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Greece debt crisis explained: A history of just how the country landed itself in such a mess
German conservatives are destroying Europe with austerity, says economist Thomas Piketty
Man dies instantly after shooting firework from top of his head
Isis schoolgirl Amira Abase who fled London to join terrorists in Syria mocks victims of Tunisia massacre
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...