AGM Statement

26 Oct 2005 11:20

Minster Pharmaceuticals plc: Annual General Meeting (AGM) statement Cambridge, UK, 26 October 2005 -Minster Pharmaceuticals, the AIM-listed (AIM:MPM) drug development company focused on psychiatric and neurologicaldisorders, announces that all resolutions put to shareholders at today's AGMwere passed.At the AGM Minster Pharmaceuticals Chairman and CEO Dr Paul Sharpe said: "Thisis our maiden AGM statement since the acquisition of BioPartners Ltd by RII plcand the company name change to Minster Pharmaceuticals in February of thisyear. As proposed at the time of the acquisition, we have since then progressedthe development plans for our drug candidates, tonabersat and sabcomeline.The alliance with Quintiles announced yesterday marks the start of thedevelopment of tonabersat for the indication of prophylaxis (prevention) ofmigraine. It is likely that this will be followed by further developmentfocusing on other aspects of the management of migraine.An estimated 10% of the population of Europe and the US suffers from migraine;the global prescription market is currently worth in excess of $2bn and ispredicted to grow by 22% per annum. By the time tonabersat enters the clinicthe market could be worth up to $4bn.Turning to sabcomeline, based on data already generated the potential of theproduct as a treatment for cognitive decline in schizophrenia has been reviewedwith key opinion leaders in the United States. It is intended that sabcomelinewill now be taken to definitive establishment of a therapeutic role. This opensthe door to further partnering opportunities in the future.With schizophrenia affecting some 1% of the population, the established safetyprofile and the potential efficacy of sabcomeline will capitalise on a portionof the anti-psychotic market currently valued at around $11bn. More recentlynew understanding of sabcomeline's mode of action has lead to a collaborationwith the University of Buckingham to investigate the potential use of the drugin the treatment of Type 2 diabetes.As discussed in our annual report, Minster Pharmaceuticals looks forward withconfidence to progressing both these compounds to the next stages of theirclinical development and also moving ahead with our investigation into thisnovel use of sabcomeline.I firmly believe Minster is well positioned to deliver value to itsshareholders by further developing its portfolio focused on improved treatmentsfor neurological and psychological disorders, while using its cash prudently.Minster is looking forward with confidence to reaching important milestones ineach of its programmes in the next 12 to 18 months, as well as evaluatingopportunities to acquire further development candidates". --ENDS-- For further information, please contact:Minster Pharmaceuticals plcDr Paul Sharpe, CEO +44 (0)1799 506623Northbank Communications +44 (0)207 886 8150Emma Palmer (financial enquiries)Rowan Minnion (media enquiries)About Minster PharmaceuticalsMinster Pharmaceuticals is an AIM-listed (AIM:MPM) drug development companyspecialising in compounds for the treatment of neurological and psychiatricconditions. The Company was established as BioPartners Ltd in 2001 when itacquired from GlaxoSmithKline the worldwide development rights for twocompounds, tonabersat and sabcomeline, which have benefited from GSK'ssubstantial investment. Tonabersat, a novel compound for the treatment andprevention of migraine, completed a Phase II programme in over 1000 patients inthe late 1990s, and is being developed further in this indication by MinsterPharmaceuticals. Sabcomeline has completed clinical trials in over 2,500patients, and has been identified as a potential treatment for chronicschizophrenia. It is now in Phase II trials. Development work is carried out byservice providers such as contract research organisations, and at theappropriate time Minster plans to license its pharmaceutical products topharmaceutical companies in order to complete development, register and marketthe drugs. As well as the development of sabcomeline and tonabersat, thecompany is looking to take on the development of further compounds by way ofacquisition or in-licensing. For more information, please go to www.minsterpharma.com.ENDMINSTER PHARMACEUTICALS PLC