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Biotech / Medical : CNSI Cambridge Neuroscience
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To: Mike McFarland who wrote (664)5/31/2002 6:27:26 AM
From: nigel bates  Read Replies (1) of 675
 
CeNeS Announces Disposal of its Cognitive Testing Division

Cambridge, UK, 31 May 2002 - CeNeS Pharmaceuticals plc (LSE: CEN.L - news) today announced the spin-out of its cognitive testing division as part of the ongoing restructuring programme, which was initiated in October 2001.
CeNeS' cognition division has been sold to its management team funded by a syndicate of investors advised by Yorkshire Fund Managers. The new company will be called Cambridge Cognition. Under the terms of the agreement CeNeS will receive up to £1 million. Of this total consideration, £700,000 is in upfront and stage payments and a further £300,000 is dependent on certain milestones.
Under the restructuring plan, CeNeS is focusing on its core business in the development, marketing and sale of drugs for the treatment of disorders of the CNS and pain, which has entailed reducing or disposing of non-core activities. CeNeS' cognition division was acquired in early 1997 and achieved revenues of over £1 million in 2001.The current management team was assembled in mid-2001 in preparation for the planned disposal that has completed today.
Commenting on the disposal, Neil Clark, Chief Operating Officer and Finance Director of CeNeS, said:- "The disposal of the cognition division is another successful step under our restructuring programme. CeNeS' board started the planned spin out process in mid-2001 and we are pleased that the cognition division's management have obtained backing from a syndicate of investors who will support the further growth of the company and validation of the cognitive testing expertise."...
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