MPM.L Regulatory News (MPM)

17 Nov 2006 07:01

Minster Pharmaceuticals PLC17 November 2006 For Immediate Release 17 November 2006 MINSTER PHARMACEUTICALS PLC ("Minster" or "the Company") Placing of new ordinary shares Minster Pharmaceuticals plc (AIM: MPM), the drug development companyspecialising in neurological and psychiatric disorders, announces the placingfor cash of, in aggregate, 48,000,000 new ordinary shares of 0.1 pence in theCompany at 1.25 pence per share, with new investors. The new ordinary sharesrepresent approximately 2.98 per cent of the enlarged issued share capital ofthe Company, and the placing will raise £600,000, pre expenses. In addition, the Company has granted warrants to subscribe for a total of24,000,000 ordinary shares of 0.1 pence to these investors. The warrants areexercisable at any time until 30 November 2011 at an exercise price of 1.25pence per share. The new ordinary shares are expected to be admitted to trading on AIM on 22November 2006. These new ordinary shares will rank pari passu in all respectswith the existing issued ordinary shares of the Company. Following admission ofthe new ordinary shares, the Company's issued share capital will increase to1,611,286,348 ordinary shares. - ENDS - For further information: Minster Pharmaceuticals plc Tel: +44 (0) 1799 506623Paul Sharpe, Chief Executive OfficerRobert Aubrey, Chief Financial Officer Buchanan Communications Tel: +44 (0) 20 7466 5000Mark Court / Rebecca Skye Dietrich Notes for editors: About Minster Pharmaceuticals plc Minster Pharmaceuticals was co-founded in January 2001 by Paul Sharpe MD, aformer head of the Neuroscience Development Team at SmithKline Beecham, and byRobert Aubrey, who has extensive senior management experience. Minster, whichwas initially named BioPartners Ltd, was formed on the acquisition fromGlaxoSmithKline of the worldwide development rights of two compounds, tonabersatand sabcomeline, which have already benefited from substantial investment byGSK. Tonabersat is the most advanced compound in an exciting new class of drugscalled gap junction blockers, which have significant potential in the preventionof migraine. Sabcomeline, a muscarinic partial agonist, has potential in thetreatment of chronic schizophrenia. Both compounds benefit from comprehensivesafety tolerance data as a result of investment by GSK. Minster's core competence is in drug development. In addition to progressing thedevelopment of tonabersat and sabcomeline, the company has the capability totake on further compounds by acquisition or by in-licensing. Minster joined the AIM market in February 2005 and trades under the symbol MPM.For further information please visit www.minsterpharma.com. This information is provided by RNS The company news service from the London Stock Exchange