Danish biopharmaceutical company Neurosearch aims to start phase III trials next year on a new compound, NS2359, for the treatment of depression, writes financial daily newspaper Børsen which reports the news. Neurosearch's collaboration partner GlaxoSmithKline is handling the completion of drug development, and the product could be on the market by 2009.
Flemming Pedersen, finance director of Neurosearch comments: "We think it is a realistic time schedule. Although the project has great importance for Neurosearch, it probably has at least as great importance for GlaxoSmithKline as a replacement for Paxil which goes off-patent".
Expectations of NS2359, and another compound for the treatment of depression which Merck is developing with Dov Pharmaceuticals, are enormous. In a report published this summer, analysis institute Decision Resources estimates that each of the two new antidepressants could have annual sales of DKK 25 bn (USD 4 bn) by 2014. If NS2359 comes to market, Neurosearch will receive around DKK 750 mn (USD 120 mn) from GlaxoSmithKline, and 15-20% of sales revenues.
Neurosearch is headquartered in Ballerup close to Copenhagen. The company has a wide research and development portfolio including compounds for the treatment of Alzheimer's disease, anxiety disorders, cancer, depression, epilepsy, pain and Parkinson's disease. Neurosearch is listed on the Copenhagen Stock Exchange.
Link > Neurosearch