TauRx Pharmaceuticals receives $111.8m commitment from Genting to prepare for Market Leadership in Alzheimer's

TauRx Pharmaceuticals receives $111.8m commitment from Genting to prepare for Market Leadership in Alzheimer's PR Newswire SINGAPORE and KUALA LUMPUR, Malaysia, Nov. 20, 2012 SINGAPORE and KUALA LUMPUR, Malaysia, Nov. 20, 2012 /PRNewswire/ -- TauRx Pharmaceuticals Ltd. ("TauRx") announced today the receipt of a further equity investment of US$31.5m from Genting Management (Singapore) Pte. Ltd. ("GMS"), a wholly owned subsidiary of Genting Berhad. The amount represents the first tranche of a total investment of US$111.8m by GMS in TauRx in exchange for a 20% equity stake in the pioneering pharmaceutical company. The completion of the remaining US$80.3m investment by GMS is expected before the year end. TauRx also announced today the appointment to its Board of Directors of Tan Sri Lim Kok Thay, Chairman & Chief Executive Officer of Genting Berhad and Mr Tan Kong Han, President & Chief Operating Officer of Genting Berhad. Professor Claude Wischik, Executive Chairman and Co-Founder of TauRx, said: "This investment by GMS affirms Genting's confidence in TauRx and will be directed to the conduct of our pivotal global Phase 3 clinical trials in mild to moderate Alzheimer's disease with LMTX™, TauRx's Tau Aggregation Inhibitor (TAI)." The drug is the first TAI to be tested in late stage clinical trials.