MPM.L Regulatory News (MPM)

26 Mar 2007 10:31

Minster Pharmaceuticals PLC26 March 2007 For immediate release 26 March 2007 MINSTER PHARMACEUTICALS PLC ("Minster" or "the Company") Result of Extraordinary General Meeting Minster Pharmaceuticals plc (AIM: MPM), the drug development companyspecialising in neurological and psychiatric disorders, is pleased to announcethat all resolutions were duly passed at an Extraordinary General Meeting heldtoday in respect of the Company's recent £17 million (gross) fundraising andrelated matters. The new shares being issued pursuant to the fundraising will be admitted totrading on AIM with effect from 8am tomorrow, Tuesday 27 March 2007. In additionthe existing shares of the Company will, from the same time, trade on AIM on apost-consolidation basis. The consolidation was effected on the basis of one newshare for every 50 shares held prior to the consolidation. Paul Sharpe, Minster Pharmaceuticals' Chief Executive, said: "This EGM completesour recently announced £17 million fundraising. We now have the Board, balancesheet and shareholder register to deliver a step change in the development andcommercialisation of tonabersat in the preventive treatment of migraine, arapidly growing market characterised by significant latent demand." 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 Nomura Code Securities Limited Tel: +44 (0) 20 7776 1200Chris CollinsRichard Potts 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, andbyRobert Aubrey, who has extensive senior management experience. Minster, whichwas initially named BioPartners Ltd, acquired from GlaxoSmithKline the worldwidedevelopment rights of two compounds, tonabersat and sabcomeline, which hadalready benefited from substantial investment by GSK. Tonabersat is the most advanced compound in an exciting new class of drugscalled gap junction blockers, which have significant potential in the treatmentof migraine and other major neurological conditions. Sabcomeline, a muscarinicpartial agonist, has potential in the treatment of chronic schizophrenia. Bothcompounds benefit from comprehensive safety tolerance data as a result ofinvestment 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