BrainCells Inc. Buys Neuro Drug
Luke Timmerman8/4/10
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.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
