4/24/07

COPENHAGEN (Thomson Financial) - Danish pharmaceutical company Neurosearch said it has, in a strategic alliance with GlaxoSmithKline (nyse: GSK - news - people ) (GSK), initiated the second of two phase 2 studies on the depression treatment candidate NS2359.

The initiation of the study does not affect Neurosearch's financial guidance for 2007, the group said.

The new study will be conducted in parallel with the first, which was initiated in December 2006, it added.

NS2359 has a new drug profile which is expected to yield important benefits compared to existing depression treatments, including improvement of cognitive functions and possibly an earlier onset of action, said Neurosearch.

GSK was granted a license for NS2359 under an agreement from December 2003, and is financing all future development costs, while Neurosearch is entitled to receive milestone payments and royalties on sales.

Copyright AFX News Limited 2007
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