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For immediate release

24 November 2009

Proximagen Neuroscience plc 

("Proximagen" or "the Company")

COMPLETion OF aCQUISITION OF CAMBRIDGE BIOTECHNOLOGY ltd

Further to the Company's announcement on 30 October 2009, Proximagen Neuroscience plc (AIM: PRX) is pleased to announce that it has completed the acquisition of Cambridge Biotechnology Ltd ("CBT") and the purchase of certain drug development programmes from Biovitrum AB ("Biovitrum") (STO: BVT).  

Commenting on the completion, Kenneth Mulvany, Chief Executive Officer of Proximagen, said:

"We are very excited by the opportunity that this acquisition affords Proximagen and we are looking forward to working with our new team at CBT. 

"The Company looks forward to updating investors, through a pre-close trading update in January 2010, on events since our fund-raising in June 2009 and our plans for further delivering on our strategy." 

For further information, please contact: 

Proximagen Neuroscience plc	Phone: +44 (0)20 7848 6938
Kenneth Mulvany, Chief Executive Officer
James Hunter, Finance Director
Buchanan Communications	Phone: +44 (0)20 7466 5000
Tim Anderson, Catherine Breen
Evolution Securities Limited (NOMAD)	Phone: +44 (0)20 7071 4300
Stuart Andrews, Tim Redfern, Sam Plumtre

About Proximagen Neuroscience

Proximagen is a biopharmaceutical company focused on the development and commercialisation of novel therapeutics for diseases of the central nervous system. Its current lead programmes aim to improve the quality of life for patients suffering from neurodegenerative diseases such as Parkinson's disease and Alzheimer's disease.

The Company raised £50 million to pursue its strategy to acquire a number of the exciting drug programmes and commercial prospects in its preferred therapeutic area of the central nervous system that have become available at attractive valuations.

Proximagen has already developed a broad pipeline of partnered and unpartnered drug candidate programmes to address the significant unmet medical needs of patients with neurodegenerative disease. 

Proximagen joined the AIM market of the London Stock Exchange in March 2005. For more information please visit the Company's web site: www.proximagen.com.

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