[news 2004 - 2005]

Queen’s spinoff company acquired by U.K.-based biotechnology firm

Friday, Dec. 16, 2005

For immediate release

KINGSTON, ON -- Cita Neuropharmaceuticals Inc. of Mississauga ON, a spinoff company of Queen’s University’s PARTEQ Innovations, has been acquired by Vernalis plc, a U.K.-based biotechnology company specializing in drugs for neurology and central nervous system disorders, for US$65 million.

Cita, formerly GB Therapeutics Ltd., brings to the deal two late-stage drug candidates for the treatment of Parkinson’s disease and neuropathic pain.

GB Therapeutics Ltd. was founded in 1997 by a group of Queen’s researchers and PARTEQ Innovations based on research into nitric-oxide-based drugs for the treatment of central nervous system and cardiovascular diseases. The company was financed initially by University Medical Discoveries Inc. and the PARTEQ-managed Working Ventures CMDF Queen’s Scientific Breakthrough Fund.

“This acquisition demonstrates that value can be built in spinoff companies formed as a vehicle to develop research discoveries,” says John Molloy, President and CEO of PARTEQ Innovations and Chair of the Board of Cita Neuropharmaceuticals. “Although the compounds of most interest to Vernalis were not based on the initial technology we licensed to Cita, the formation and the building of the company here at Queen’s provided the foundation on which the company was able to move forward to the point of acquisition.”


Contact:
John Molloy
President & CEO
PARTEQ Innovations
P: 613. 533. 2342
F: 613. 533. 6853
jmolloy@parteqinnovations.com