Nigel,
1 share CNSI = 2.3472 CEN.L
CEN.L = 62.50 p (close today)
@ $1 = .68 Pound
Each CNSI share = ~$2.16 (close on 12/15 was 1 5/8)
Unless I am missing something a 33% spread was maintained right through the final close?
SMH
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Wednesday December 20, 4:17 pm Eastern Time
Press Release
SOURCE: Cambridge NeuroScience, Inc.
Cambridge NeuroScience Completes Merger With CeNeS Pharmaceuticals Plc
NORWOOD, Mass., Dec. 20 /PRNewswire/ -- Cambridge NeuroScience, Inc. (OTC Bulletin Board: CNSI - news) announced today that its merger with CeNeS Pharmaceuticals was completed on December 18, 2000. The merger was first announced on May 23, 2000.
Under terms of the merger, CNSI became a wholly-owned subsidiary of CeNeS. Each share of CNSI common stock has been converted into the right to receive 2.3472 CeNeS ordinary shares. CeNeS will issue to CNSI shareholders approximately 42.6 million new ordinary shares, representing approximately 28% of the enlarged issued share capital of CeNeS. CNSI's shares were delisted from the OTC Bulletin Board as of the effective date of the merger, December 18, 2000.
The companies will focus on the development of improved treatments for diseases and disorders of the central nervous system and pain control, and will have four launched products on the market with a further five products in Phase II clinical trials and two products in Phase I clinical trials.
Commenting on the transaction, Daniel Roach, Chief Executive of CeNeS, said: ``We are delighted to complete this acquisition and to begin the process of moving forward as an enlarged group. We have now built a company with revenue generating products and services, late stage clinical development projects, a portfolio of research candidates and a technology platform in ion channels.''
About Cambridge NeuroScience
Cambridge NeuroScience is engaged in the discovery and development of proprietary pharmaceuticals focusing on nerve cell function and survival. The Company is developing products to treat chronic pain and neurodegenerative disorders such as multiple sclerosis and peripheral neuropathies.
Cambridge NeuroScience's technologies include a range of proprietary compounds known as ion-channel blockers that act on specific nerve cells to modify their activity or to minimize their destruction in degenerative disorders of the central nervous system. The Company's lead ion-channel blocker, CNS 5161, is a selective NMDA ion-channel blocker being developed to treat neuropathic pain. CNS 5161 has completed two Phase I studies and was shown to have beneficial analgesic actions. Other indications targeted by the Company's ion-channel drug discovery efforts include stroke, brain and spinal cord injury, glaucoma and peripheral neuropathies. For more information, visit Cambridge NeuroScience's website at www.cambneuro.com.
About CeNeS
CeNeS Pharmaceuticals is focused on developing drugs for CNS disorders and pain control and the development of controlled release drug delivery products in a range of therapeutic areas. The group has l00 staff working from modern research and manufacturing facilities in Cambridge, England and Irvine in Scotland.
CeNeS Pharmaceuticals applies a commercially driven approach to R&D activities, while seeking to partner other programs as appropriate to generate income, share risk and assist in the validation of the underlying technologies. The group has clinical programs for the treatment of stroke, pain, schizophrenia, sleep disorders and substance abuse.
The portfolio of drug candidates and research projects has been compiled by both in-licensing agreements and collaborative development programs. In- licensing agreements have been signed with Novo Nordisk, Glaxo Welcome, BTG and Bioglan Pharmaceuticals. CeNeS Pharmaceuticals is also conducting research through collaborative programs into new therapeutic approaches for the treatment of Alzheimer's and Parkinson's diseases.
CeNeS Pharmaceuticals has three revenue generating business units. CeNeS Drug Delivery offers technologies targeted to meet specific therapeutic needs. These technologies are exploited through contract formulation and development projects with pharmaceutical companies. The CeNeS cognition business provides equipment and services in the area of cognition research. The CeNeS Channelwork business has expertise in ion channel research and sells contract services to the pharmaceutical industry. Channelwork is also developing high throughput screening systems for the testing of ion channel modulators, a valuable resource in ion channel drug discovery. For more information, visit CeNeS' website at www.cenes.com |
