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2nd April 2007

Cambridge Consultants provides Expert's Report for the UK's first pharmaceutical listing in 2007 - Neuropharm Group plc

Cambridge Consultants' healthcare consulting team prepared the independent Expert's Report that supported the UK's first pharmaceutical IPO of 2007 - Neuropharm Group plc's (LSE:NPH) successful listing on AIM in March.

The listing raised £20 million for Neuropharm, via a placing by Investec Investment Banking.

Despite the volatility of the market, Neuropharm shares had a strong debut, with the price increasing substantially on the IPO level when trading started.

Cambridge Consultants' healthcare consulting team performed the independent due diligence on behalf of Neuropharm Group plc, and Investec Investment Banking who acted as financial adviser and broker. Its Expert's Report was published as part of the AIM admission document.

"Fund-raising in Europe in the first quarter of 2007 has got off to a cracking start, and is already the biggest on record since Q3 of 2000. In comparison to last year, the level of IPOs is already 40% higher, with both pharmaceutical and medical device companies successfully listing," says Monika Green, head of healthcare consulting at Cambridge Consultants. "Providing expert insight into technical and commercial aspects of a business can be a significant factor in an IPO team's success, as it helps them to address the likely concerns of investors as they prepare for the placing."

During the preparation of this report the Cambridge Consultants team examined many aspects of Neuropharm's technologies, products, pipelines opportunities, manufacturing and commercial partnerships, as well as the capabilities of the Management Team.

Neuropharm intends to use the proceeds of the placing to complete its development programme of its novel fluoxetine product for the treatment of Autistic Spectrum Disorder, where it is aiming to submit a new drug application by the end of 2008. The company already has Orphan Drug designation for Autistic Spectrum Disorder which affects around 1 in 150 of the population.

Neuropharm also intends to progress clinical trials in respect of its other pipeline products relating to Fragile X Syndrome and Obsessive Compulsive Disorder. These neurological disorders affect Orphan Indication populations, with limited or no effective treatments to date. The company's strategy is to work closely with clinicians and patient groups to develop tailored medicines for Central Nervous System disorders and intends to market its products itself in the USA, and to out-license them in other territories.

Cambridge Consultants has been conducting transaction and due diligence to support fund raising activities such as M&As and market listings for nearly 10 years, and is renowned as a leading provider of independent reports in the pharmaceutical, biotechnology and medical devices field.

Among companies that Cambridge Consultants has reviewed as part of market listings are Ark Therapeutics plc, Chi-Med plc, PuriCore plc, Renovo plc and X Counter plc. In response to the growing global economy and cross border transactions, Cambridge Consultants has expanded in the last few years, and now works for companies raising finance in the enlarged EU, the Middle East and Asia Pacific regions.

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