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NeuroSearch announces change to financial outlook for 2018 | ||
By: Nasdaq / GlobeNewswire - 14 Aug 2018 | Back to overview list |
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Company Announcement In May 2018, NeuroSearch entered into an agreement with, among others, Teva Pharmaceutical International GmbH (Teva), to release Teva from all outstanding obligations pursuant to the agreement from 2012 concerning the transfer of NeuroSearch's rights in and to Pridopidine. According to the agreement entered into, in the event that Teva prior to 31 October 2018 enters into an agreement with an identified third party relating to the sale and transfer of Teva's rights in and to Pridopidine, then NeuroSearch will receive a cash payment of USD 450,000 (DKK 2.7 million). This agreement follows from Teva’s decision not to develop Pridopidine further following the failure by Pridopidine to meet its primary endpoints in Huntington’s Disease in a Phase II trial conducted by Teva, and potential interest in the asset by an identified third party. As a result of the completion of NTG’s takeover offer, NeuroSearch will as soon as possible give notice of an extraordinary general meeting with the purpose of electing new members to the board of directors. The earnings forecast does not take into consideration any resolutions adopted by a new board in light of NTG’s plans for NeuroSearch.
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