IRLAB Enters a Development Collaboration for IRL757 as a Novel Treatment for Apathy
Kurs & Likviditet
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Small Cap Stockholm |
| Sektor | Hälsovård |
| Industri | Bioteknik |
ANNOUNCEMENT FOR EUROPEAN MEDICAL & PHARMACEUTICAL TRADE MEDIA AND EUROPEAN FINANCIAL MEDIA ONLY
Gothenburg, Sweden, May 7, 2024 – IRLAB Therapeutics AB (Nasdaq Stockholm: IRLAB A), a company discovering and developing novel treatments for Parkinson’s disease, today announced a collaboration agreement between IRLAB and the McQuade Center for Strategic Research and Development, LLC (MSRD), a member of the global Otsuka family of pharmaceutical companies. IRLAB and MSRD will exclusively collaborate in the development of IRLAB’s novel drug candidate IRL757 for the potential treatment of apathy in Parkinson’s and other neurological conditions through clinical proof-of-concept.
MSRD, which identifies and supports early-stage opportunities that can change the landscape of treatments for mental illness and renal disorders, will collaborate with IRLAB in the exclusive development of IRLAB’s drug candidate IRL757 through completion of certain clinical studies The collaboration may include studies designed to enable the execution of a safety and efficacy signal finding study in Parkinson’s disease and in Alzheimer’s disease. IRLAB is currently initiating the first-in-man Phase I program with IRL757, funded by The Michael J. Fox Foundation, with anticipated recruitment starting in Q2, 2024.
Under the current collaboration, IRLAB is eligible to receive 3 million USD in up-front payment and up to an additional 5.5 million USD following the achievement of certain development milestones. MSRD will also fund the drug development activities during the term of the agreement, with the exception of the Phase I program, funded by The Michael J. Fox Foundation.
Further, under the terms of the current collaboration agreement, MSRD has the opportunity to elect to expand the collaboration upon the occurrence of certain triggering events, subject to negotiations of a new agreement. MSRD might also, if the parties do not expand the collaboration, under certain circumstances receive low single-digit percentage royalty payments.
“MSRD is committed to support and identify early stage opportunities that can change the landscape of how we treat mental illness in the future. We are excited to collaborate with IRLAB Therapeutics in the development of IRL757, an innovative investigational drug, designed to meet the need for a treatment of apathy in neurological disorders” said Robert McQuade, Ph.D., President, MSRD.
“We are excited about the collaboration with MSRD and Otsuka, who will bring their extensive experience and competence into the development of this innovative treatment of apathy in people living with neurological diseases. We are looking forward to continuing the development of IRL757 together with MSRD and Otsuka through clinical proof of concept”, said Gunnar Olsson, CEO, IRLAB.