Companies: MPM   

The interim statement from Minster Pharmaceuticals confirms that the big Phase IIb study to evaluate tonabersat’s value in the management and prevention of migraines has started. This will extend the treatment to 20 weeks and use a wider range of doses than previous studies. It is expected to report in the last quarter of 2008. If it demonstrates success in the prevention of migraines, it will open up the possibility that tonabersat could become a long-term management drug – with all the financial upside that implies.

Meanwhile, Minster has £14.5 million cash in the bank following the fundraising earlier in the year. While the shares sit at just 43.5p – compared with a recommendation level of 117.5p in January last year – a market capitalisation of barely £30 million does not begin to reflect tonabersat’s potential. A recent note from broker Nomura Code put fair value in the range of 112p to 170p. Hold.

Minster Pharmaceuticals	AIM	£8.54m	14.50p	-0.75p
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Other company articles:
Minster Pharmaceuticals			12/06/2008
Minster’s key tonabersat trial underway			07/12/2007
A more palatable pill			05/10/2007
Minster Pharmaceuticals			20/07/2007
Minster raises �£17 million and consolidates shares			02/03/2007