SYGNIS acquires Amnestix Inc., an US pioneer in neurogenomics and neurotherapeutics
SYGNIS strengthens its position as a CNS innovator with access to leading discovery capabilities of the Translational Genomics Research Institute
Heidelberg, June 9, 2008 - SYGNIS Pharma AG (Frankfurt: LIO; ISIN DE0005043509; Prime Standard) today announced that it has acquired privately-owned US biopharmaceutical company Amnestix Inc. (Burlingame, CA), a pioneer in applying high-end genome-scanning and other molecular diagnostics technologies to the discovery of drugs for numerous nervous system diseases. As part of the acquisition, SYGNIS will gain access to a broad range of CNS projects within the world-renowned Translational Genomics Research Institute (TGen, Phoenix, AZ). SYGNIS will pay approximately €4 million in cash and shares for Amnestix. Amnestix was founded by scientists from TGen in 2006, with seed funding from the Brain Trust Accelerator Fund to develop novel therapeutics for improving cognition and memory, which are impaired in a broad spectrum of neurological diseases. The founders of Amnestix, Dr. Dietrich Stephan and Dr. Matthew Huentelman, have discovered a series of novel patentable genes and pathways that play a fundamental role in memory performance in humans using a strategy called whole genome association analysis. Their findings uncovered novel proprietary utilities of protein kinase inhibitors for the treatment of neurological conditions such as cognitive impairment, vascular dementia and others. SYGNIS will continue to pursue the therapeutic development of these compounds which show promise in the field of age-related memory impairment, Alzheimer’s disease and other neurological diseases. Detailed mechanistic knowledge is vital to develop disease-modifying agents, as well as to target treatments and thus maximize efficacy for patients. Dr. Alfred Bach, CEO of SYGNIS Pharma AG, said: "This is an important milestone in the growth and development of our company. The acquisition of Amnestix, with its powerful CNS drug discovery engine, complements our CNS R&D capabilities. Furthermore, it opens direct access to the leading neurogenomic expertise of TGen, and the wider CNS experts in the US, through the Amnestix founders. This unique combination will strengthen and accelerate our ability to build and broaden our innovative neurotherapeutic drug pipeline."
"Amnestix and SYGNIS have perfectly complementary expertise and infrastructure that makes the acquisition a natural fit. Together, both companies form a powerful and fully integrated CNS focused biopharmaceutical company that is positioned to lead the field in therapies for brain diseases for decades to come," said Dr. Dietrich Stephan.
Amnestix’ Chief Executive Officer, Dr. Karoly Nikolich, will remain with Amnestix and establish a US presence for SYGNIS in order to broaden its business, partnering, scientific and financial networks. Dr. Nikolich has extensive experience in the biotechnology industry for over 25 years. Most recently he was Executive Director and Chairman of the Neuroscience Institute at Stanford University in Palo Alto, California. Earlier, Dr. Nikolich was founder of AGY Therapeutics and held Senior Executive positions with Lynx Therapeutics and Genentech where he built and led neuroscience research during the 1980s and 1990s.
