NeuroSolutions signs $100,000 contract

UK-based NeuroSolutions, the fully owned subsidiary of neurology-focused biotech NeuroDiscovery (ASX:NDL), is to receive about AUD$100,000 for providing electrophysiology services to drug development company Senexis over the next four months.

Also based in the UK, privately held Senexis is developing programs for the treatment of ageing-related diseases such as Alzheimer's and Parkinson's diseases. Senexis is funded by the medical charity Wellcome Trust and technology development company BTG.

"NeuroSolutions has always had a revenue line and have always been profitable," said NeuroDiscovery executive director David McAuliffe. "This is just a continuation of their ongoing business."

NeuroSolutions was established in May 2001 at the University of Warwick and provides specialised electrophysiological assays to the biopharmaceutical industry.

"Electrophysiology is a way of measuring electrical current over the surface of the cell. So you can measure a lot of activity within neurological systems," said McAuliffe.

McAuliffe said there had been Australian interest in NeuroSolutions' services and discussions were currently underway with a number of companies. "We're hoping to expand their services throughout Australasia and more into the US as well," he said.

NeuroDiscovery listed on the ASX in August and acquired NeuroSolutions at the same time.