Singapore Based iX Biopharma Hands Seelos Exclusive Rights For Wafermine For Pain Management

iX Biopharma has inked an exclusive agreement to license its lead drug under development, Wafermine, to Seelos Therapeutics Inc SEEL.

• Seelos will have exclusive worldwide rights for Wafermine, except China, including Hong Kong, Macau, and Taiwan - for which iX Biopharma will retain the rights.
• Seelos will also have worldwide rights to products incorporating R- and S- enantiomers of ketamine being developed using iX Biopharma's WaferiX technology.
• As part of the deal, iX Biopharma will receive a $9 million upfront payment in cash and shares from Seelos. It is also eligible for up to $239 million in development and sales milestone payments.
• Moreover, iX Biopharma will receive "double-digit" percentage royalties on future net sales of any products which incorporate the R- and S- enantiomers of ketamine using its WaferiX technology.
• "The licensing of the WaferiX drug delivery platform for sublingual (disintegrate under the tongue rapidly) ketamine broadens Seelos' ketamine franchise with formulations that we believe will be suitable for both acute and chronic dosing," said Raj Mehra, Chairman and CEO of Seelos.
• The Licensed Products will contain ketamine, which provides a non-opioid approach for treating pain by targeting the NMDA receptor.
• Related Link: Seelos Therapeutics To Test Trehalose In Patients With Rare Movement Control Disorder.
• Price Action: SEEL shares closed at $1.95 on Tuesday.