Renovis In has acquired the assets of Centaur Pharmaceuticals Inc., a drug development company focused on neurodegenerative diseases, stroke and inflammation.By completing this acquisition Renovis has expanded its drug development programs in neurological disease with the addition of preclinical and clinical stage compounds.

Acquired assets include NXY-059, a drug candidate for acute stroke poised to enter Phase III clinical trials with AstraZeneca PLC in 2003; REN-1189, a Phase IIb drug candidate with a strong safety record that Renovis will develop for neuropathic pain; several preclinical compounds with efficacy in relevant animal models; and a proprietary compound library.Renovis will receive a significant milestone payment from AstraZeneca when it commences pivotal Phase III trials with NXY-059, and upon future potential commercialization, substantial royalties on worldwide net sales.Centaur receives a cash payment of $1.25 million, and up to 30% of Renovis stock in exchange for these assets.

"This acquisition accelerates our move from a discovery-stage company into a more fully integrated biopharmaceutical company with advanced compounds and clinical development programs," said Corey Goodman, co-founder, President and Chief Executive Officer of Renovis.

"From Centaur's perspective, Renovis is the perfect match to take these compounds forward, enhance their value, and provide significant upside to our shareholders," said John Walker, Chairman of Centaur's Board of Directors and interim CEO.

Following the acquisition, Michael Callaghan, Managing Director, Private Equity at MDS Capital Corp., will join Renovis' Board of Directors representing the investors of Centaur Pharmaceuticals Inc. "We welcome the addition of Michael Callaghan to our Board," said Renovis co-founder and Chairman, Edward E. Penhoet. Dr. Penhoet is a Chief Program Officer at the Gordon and Betty Moore Foundation, a Partner at Alta Partners, and a Director, co-founder, and former CEO of Chiron Corporation."This acquisition will help facilitate the transition of Renovis from a discovery company into a more fully integrated, product-focused biopharmaceutical company."