Edison Investment Research

Minster Pharmaceuticals

Company overview

Minster Pharmaceuticals is a UK company specialising in neuroscience. It has two developmental products: sabcomeline as an adjunct treatment for schizophrenia and tonabersat, which has potential for epilepsy, neuropathic pain and prevention of migraine (with aura).

Date	Reports available	Download
Jan 06 2010	Buy-out by Proximagen Minster Pharmaceuticals has agreed to be acquired by Proximagen, pursuant to a recommended cash offer of 6.0p per share. This values Minster at £4.3m on a fully diluted basis, broadly its net cash. Research type: Flash note	Log in to download 1 page note available
Nov 27 2009	Switch to sabcomeline Minster has shifted internal R&D efforts to sabcomeline, which is intended as an adjunct treatment for schizophrenia. Its investment case hinges on the ability to capture value though a licensing deal or engage in some other corporate transaction. We are indicating a risk-adjusted NPV of £15m, some two-thirds of which are attributable to sabcomeline. This suggests there is a geared upside if Minster can secure a value-creating deal, since its shares trade at a discount to its £5m cash. Research type: Outlook	Log in to download 12 page note available
Jul 02 2009	Renaissance Minster’s investment case hinges on its ability to capture value though a licensing deal for tonabersat – probably for migraine with aura – and/or sabcomeline for cognitive impairment associated with schizophrenia. If successful, this would transform Minster and turn it into a vehicle able to acquire, develop and out-license pharmaceutical R&D programmes in CNS and other therapy areas. The shares currently trade below cash value, reflecting the market’s loss of confidence following the failure of the TEMPUS study, although this seems unduly harsh. Research type: Review	Log in to download 8 page note available
Jun 14 2007	Migraine prevention Encouraging positive data from a Phase II trial of tonabersat in the prevention of migraine helped Minster raise £17m in March this year. The company is now in a position to start a Phase IIb study of this drug while seeking a licensing agreement with (or possibly trade sale to) a major pharmaceutical group. Research type: Company Comment - Trial results	Log in to download 6 page note available
Jan 09 2007	Tonabersat - positive trial data Minster Pharmaceuticals has today reported positive data from its Phase II trial of tonabersat in the prevention of migraine, placing the company in a strong position to raise further funds to conduct further development itself or conclude a licensing agreement with a major pharmaceutical group. Research type: Flash note	Log in to download 4 page note available

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Peter Knowles
Director, Fyshe Horton Finney