Neurodyn acquires all assets related to new drug candidate Memogain from Galantos Pharma

Neurodyn Inc. announced today that it has acquired from Galantos Pharma GmbH, Mainz, Germany (galantos.com) all assets related to their Alzheimer's prescription drug candidate - Memogain®. Memogain® has completed an extensive preclinical development program and is ready to proceed into Phase 1 clinical trials in late 2013. The terms of the acquisition were not disclosed.

“We are very pleased to complete this acquisition. Memogain® is a significant improvement over existing Alzheimer's drugs, and is staged for immediate entry into clinical trials. It has the potential to follow a fast-track regulatory pathway in both the US and Europe”

"We are very pleased to complete this acquisition. Memogain® is a significant improvement over existing Alzheimer's drugs, and is staged for immediate entry into clinical trials. It has the potential to follow a fast-track regulatory pathway in both the US and Europe," said Kenneth Cawkell, Neurodyn CEO.

Memogain® is a patented improvement on the generic drug, galantamine, (Nivalin, Razadyne, Razadyne ER, Reminyl, Lycoremine). Galantamine, a plant-derived compound, is widely prescribed to enhance cognition for the treatment of mild to moderate Alzheimer's disease, but has a limited capacity for brain penetration and significant side effects that limit its effectiveness. Memogain® was developed to have a much higher bioavailability in the brain, without the negative gastro-intestinal side effects that limit patient acceptance.

Neurodyn will also investigate the potential for Memogain® to decrease the amyloid plaque burden associated with Alzheimer's disease and to induce new cell growth in regions of the brain affected by the disease.

Sales of galantamine are currently in excess of $500 million per year. The worldwide Alzheimer's drug market is currently estimated to exceed $4.2 billion and is growing rapidly due to the aging demographic. Current drugs on the market have significant side effects which limit their effectiveness and reduce their usefulness.

The revenue potential for Memogain® could extend beyond the current galantamine market share due to the urgent medical need for Alzheimer's drugs that have increased efficacy and decreased side effects compared to the current anti-dementia drugs.