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Biotech / Medical : CNSI Cambridge Neuroscience

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To: Mike McFarland who wrote (657)	11/2/2001 10:09:39 AM
From: Mike McFarland	Read Replies (1) of 675

Cenes ends opiate spray deal with Bioglan LONDON, Oct 30 (Reuters) - UK healthcare firm Cenes Pharmaceuticals (LSE: CEN.L - news) said on Tuesday it was terminating development and licence agreements with drugmaker Bioglan Pharmaceuticals (LSE: BGP.L - news) for an opiate pain relief spray. It said it was taking this action as a result of Bioglan's failure to comply with its developmental obligations under the agreement and said it was seeking compensation from Bioglan for losses it had suffered. "It is unfortunate that this situation has arisen, however, in the interest of both Cenes and its shareholders, we feel it is appropriate to take this action," Chairman Alan Goodman said in a statement. The company gave no further details about the contract and no-one at either company was immediately available for comment. Bioglan has been dragged down by debt since its doomed attempt to buy the skincare business of U.S. drugs giant Bristol-Myers Squibb . By the time the deal fell through on October 19, Bioglan had racked up 115 million pounds of debt and breached borrowing limits provided by its banks.

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