Proximagen Ltd. (“Proximagen”) and its predecessor companies have a long heritage in discovery and development of novel small molecule therapeutics, in particular in the areas of CNS, pain and inflammation. Proximagen has an integrated drug discovery facility based in Cambridge, UK and a focused US-based team providing drug development, project management and translational medicine expertise. Proximagen benefits from ownership by the Evenstad family, long term investors in innovative small molecule drug discovery and development who have owned Proximagen since 2012, initially as a wholly owned subsidiary of Upsher-Smith Laboratories, Inc.
In January 2016, Saniona and Proximagen entered a drug discovery and development collaboration for neurological disorders. Proximagen has exclusive worldwide rights to develop, manufacture and commercialize medicines identified through the collaboration. Saniona will receive upfront and research funding during the research period as well as milestone payments upon the achievement of certain research, development and regulatory milestones. The potential value of the milestone payments is up to US$30 million. In addition, Saniona will receive tiered royalties on net sales of any potential products commercialized by Proximagen as a result of this collaboration.