Policy & Regulation
iX Biopharma's subsidiary signs exclusive license agreement with Seelos Therapeutics
30 November 2021 -

iX Biopharma Ltd (SGX:42C), a Singapore-based specialty pharmaceutical company, announced on Monday that the company, through its subsidiary, has signed an exclusive license agreement with Seelos Therapeutics Inc (Nasdaq: SEEL), a US-based company concentrated on developing novel therapeutics for central nervous systems disorders.

According to the contract, iX Biopharma is to license to Seelos its lead drug under development, Wafermine, a sublingual racemic ketamine wafer, and other products incorporating R- and S- enantiomers of ketamine using the WaferiX technology. Seelos will have exclusive global rights for Wafermine except China (including Hong Kong, Macau and Taiwan), and global rights to products incorporating R- and S- enantiomers of ketamine being produced utilising iX Biopharma's WaferiX technology. iX Biopharma is to retain exclusive rights to Wafermine in China (including Hong Kong, Macau and Taiwan).

Under the transaction, iX Biopharma will receive a USD9m upfront payment to be satisfied in cash and shares. It is also eligible for up to USD239m in milestone payments upon achievement by Seelos of certain development milestones and product sales thresholds, and will also receive double digit royalties on future net sales of any Licensed Product. Seelos is to fund all future development, production and commercialisation of the Licensed Products.

Prior to the agreement, iX Biopharma had completed Phase 2 clinical studies on Wafermine in the United States which demonstrated strong analgesic efficacy, safety and tolerability in participants experiencing moderate to severe acute pain.

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