Monday, June 9, 2008

Sygnis Pharma Buys TGen Spin-out Amnestix for $6.3M

[Source: a GenomeWeb staff reporter ] - German drug developer Sygnis Pharma has bought Amnestix, a spin-out from the Translational Genomics Research Institute, for €4 million ($6.3 million) in a cash and shares deal, Sygnis said today.

Amnestix, which was started by TGen researchers Dietrich Stephan and Matthew Huentelman in 2006 and was funded by the Brain Trust Accelerator Fund, is focused on developing therapeutics that can improve cognition and memory functions that are damaged by neurological diseases.

Amnestix has discovered a series of genes and pathways involved in memory performance through whole-genome association analysis. The company has also found novel uses for protein kinase inhibitors that it believes could be used to treat conditions such as cognitive impairment and dementia.

Sygnis plans to continue to develop these compounds for use in treating age-related memory problems, Alzheimer’s disease, and other neurological diseases. Sygnis also said that the deal gives it access to some TGen projects that are focused on central nervous system disorders.

Amnestix CEO Karoly Nikolich will remain with the company and will help Sygnis expand its partnering, scientific, and financial networking.

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