Inspiration's NeuroproteXeon secures big deal with Mallinckrodt
Inspiration Healthcare Group
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16:50 27/12/24
Medical device company Inspiration Healthcare Group announced on Tuesday that NeuroproteXeon, in which it has an 8.1% fully diluted shareholding, has secured a licence agreement with Mallinckrodt for the development and commercialisation of NeuroproteXeon's investigational, pharmaceutical-grade xenon gas for inhalation therapy.
Chemicals
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16:29 27/12/24
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The AIM-traded firm said that under the terms of the agreement, a subsidiary of NeuroproteXeon will receive an upfront payment of $10m in cash from Mallinckrodt, with potential additional payments of up to $25m dependent on developmental, regulatory and sales milestones.
In addition, NeuroproteXeon will receive tiered royalties on applicable worldwide product sales and a transfer price for commercial product supply.
Inspiration said the drug-device combination therapy for inhaled pharmaceutical-grade xenon gas was under investigation to lessen brain damage, and improve survival and function in patients suffering cardiac arrest.
NeuroproteXeon had already received FDA ‘Special Protocol Assessment’ for a Phase 3 trial to begin early 2018, with FDA ‘Orphan Drug Designation’ granted.
“Inspiration Healthcare has been involved with xenon delivery for many years and it is immensely pleasing to hear that Mallinckrodt [has] decided to licence the IP in key geographic markets which will help fund the research in this exciting field,” said CEO Neil Campbell.
Inspiration Healthcare was a founding partner of NeuroproteXeon along with Touchstone Innovations - formerly Imperial Innovations - and Professors Mervyn Maze and Nick Franks.
Neil Campbell is a non-executive director of NeuroproteXeon, and the value of the shareholding in NeuroproteXeon on Inspirations Healthcare's balance sheet was currently £0.11m.