01 December 2004

Neuren Pharmaceuticals, a brain-repair company that has emerged from Auckland University, is in the process of listing on the Australian Stock Exchange to fund a drug research and development program that includes the US military as probable clients.

The float will fund Phase II clinical trials of two drugs that reduce brain damage after coronary artery bypass graft surgery and traumatic brain injury.

The Walter Reed Army Institute of Research has run laboratory tests on the compounds. Walter Reed will run clinical trials with patients in 2005 in a deal that will give the US military free access to the drug, while Neuren holds commercial rights for all non-military markets.

Phase I trials were successfully completed in Australia this year. Phase II trials will be conducted at Duke University in 2005.

Neuren was formed through the merger of two Auckland University start ups, Neuronz and Endocrinz. The University holds a minority shareholding in the company, as does Pfizer, with a 12.9 per cent stake.

The company will raise NZD$16.3 million in the initial public offering that will be completed in mid-December.

For more information:
www.neurenpharma.com