Moshe (Mori) Arkin has acquired an additional 1.2% holding in US biotechnology company NeurogesX Inc. (Nasdaq: NGSX). He now holds 20.4% of the pain relief company.

Arkin, who several years ago sold his company Agis Pharmaceuticals to Perrigo Company (Nasdaq:PRGO; TASE:PRGO) for $818 million, first began investing in NeurogesX in August 2009 paying $7.32 per share, below the current value of $7.47. The company has a market cap of $132 million.

NeurogesX is developing novel pain management therapies for neuropathic pain. Its leading product candidate, NGX-4010, is a synthetic capsaicin-based dermal patch, which selectively targets the pain nerves. Capsaicin is the spice in chili peppers. The company says that brief use of the patch relieves pain in the site for longer periods than do current pain relievers on the market, and with few side effects.

Published by Globes [online], Israel business news - www.globes-online.com - on March 2, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010