NeuroSearch generated positive results in 2003  

2004.03.12
The Danish biotech company's annual report shows profits before tax of DKK 10.5 million, a DKK 53 million improvement on 2002

Danish biotech company NeuroSearch has published its annual report which shows a positive result for the first time in eight years. Consolidated profits before tax amounted to DKK 10.5 million (USD 1.7 million) compared to a DKK 42.5 million (USD 6.8 million) loss in 2002. The company's capital resources totalled DKK 541 at the end of 2003, compared to DKK 227 million in 2002.

 

Important milestones for 2003 included a 5 year strategic research and development agreement with GlaxoSmithKline which guarantees NeuroSearch DKK 610 million (USD 98 million) in payments over 5 years as well as milestone payments and royalties on sales. When the agreement was signed NeuroSearch received DKK 217 million (USD 35 million). In addition GlaxoSmithKline acquired shares for DKK 132 million (USD 21 million) corresponding to 8% of NeuroSearch share capital.

 

NeuroSearch has five compounds in clinical development and a portfolio of drug discovery programmes primarily focused on the area of CNS diseases. NeuroSearch is listed on Copenhagen Stock Exchange. The news is reported by BiotechDenmark online.

 

Link > Neurosearch

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