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BrainCells Inc. Buys Neuro Drug

Xconomy San Diego — 

BrainCells Inc., the San Diego-based developer of drugs for depression and other neurological disorders, said today it has acquired a drug from London-based Proximagen that could have potential against various psychiatric diseases. BrainCells has agreed to pay as much as $51 million in upfront and milestone payments, plus royalties on future product sales, for the right to develop sabcomeline. The drug has been studied in 3,000 patients, and has been tested against Alzheimer’s disease and schizophrenia. BrainCells said it plans to study the compound as a treatment for depression.