NeuroDiscovery sign largest ever deal

Perth-based neurology focused research and development company NeuroDiscovery has entered a specialist services deal with a major international pharmaceutical company, valued at $620,000, the company's largest every contract.

The announcement is below:

NeuroDiscovery Ltd (ASX: NDL), a specialty neuroscience services provider and drug development company, announces that its 100% owned subsidiary, NeuroSolutions Ltd, has entered into a specialist services agreement with a major international pharmaceutical company. The contract, the largest in the company's eight year history, is valued at approximately £310,000 (approximately A$620,000) and is expected to take around 12 months to complete.

Under the terms of the agreement, NeuroSolutions will use its specialist pharmacology and electrophysiology expertise to evaluate the client's proprietary compounds.

Professor David Spanswick, Chief Scientific Officer of NeuroSolutions, commented, "We are very pleased to have again entered into a new contract with this company, it serves as an endorsement of the quality of work conducted by our scientists."

NeuroDiscovery Chief Executive Officer Dr Chris Moyses added, "This is a great result for NeuroSolutions and starts the new financial year on very solid ground. We continue to have many requests from numerous companies and we look forward to another solid financial performance for the year to 2010."

For commercially sensitive reasons the name of the client cannot be disclosed.