Minster Pharmaceuticals lays foundations for the future as loss widens
Minster Pharmaceuticals plc (MPM.L), the drug development company specialising in neurological and psychiatric disorders, today reported a pre-tax loss for the year to end March 2006 of £1.81m, compared with a loss of £0.25m in the previous year.
The result was as expected and there was no change in the company’s share price.
The company had £1.76m in cash at the year end, down from £2.79m at 31 March 2005, and said it “is well advanced with plans to raise further funds.”
Summing up the performance in the year and since the year end, Chief Executive Paul Sharpe said: "we laid the foundations for the future development of our two compounds, tonabersat and sabcomeline, and therefore of the Company.
“Our two development compounds address substantial markets and our progress to date, combined with the recent growth of the migraine prevention market, give me confidence for the future."
Shortly before the year end, Minster recruited the first patients into a multi-national phase II study of tonabersat in the prevention of migraine. Since the year end, a second phase II study of tonabersat in the treatment of migraine with aura has started.
Migraine market
Mr Sharpe said the preventive treatment of migraine was a new and fast growing market, highlighted by the growth from launch of Topamax, a Johnson & Johnson drug approved in the US for migraine prophylaxis in 2004. Sales of Topamax in the migraine prophylaxis indication in 2005 were estimated to be around $560m.
“The market performance of Topamax reinforces our confidence in our choice of migraine prophylaxis as the lead indication for tonabersat,” he said.
Earlier this month, Minster extended further its worldwide development and commercialisation rights to tonabersat. GlaxoSmithKline, from whom the compound was originally licensed in 2001 in the prevention and treatment of migraine, agreed to worldwide rights in the additional indications of epilepsy, pain and other neurological conditions where current treatments are inadequate.
The company has also made progress with its other compound, sabcomeline, which it believes offers a new approach to the treatment of cognitive decline in schizophrenia. During the year the firm started talking with several US institutions to progress the development of sabcomeline in schizophrenia.
20th September 2006
