Daniel Webster, dWeb.News Publisher
NEW YORK, Nov. 24, 2021 /PRNewswire/ — Seelos Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, today announced it has entered into an exclusive license agreement (License Agreement), whereby it acquired a worldwide license (excluding China, Taiwan, Macau and Hong Kong) from iX Biopharma Ltd (iX Biopharma) for Wafermine(tm), a sublingual racemic ketamine wafer, and a worldwide license for other sublingual ketamine wafers, delivered using a proprietary fast-dissolving wafer-based drug delivery platform technology known as WaferiX(tm).
Seelos plans to evaluate sublingual ketamine, now named SLS-003, in pain indications such as chronic neuropathic pain and Complex Regional Pain Syndrome (CRPS) and in additional psychiatric disorders, including post-traumatic stress disorder (PTSD).
The US Food and Drug Administration has given Wafermine(tm), Orphan Drug status for the treatment of CRPS.
” “Our licensing of this program expands Seelos’ ketamine license with a formulation we believe will more suit chronic dosing for indications such as CRPS or PTSD,” stated Raj Mehra, Ph.D. Chairman and CEO at Seelos. “The pharmacokinetic, pharmacodynamic and safety profiles of SLS-003 that have been demonstrated to date suggest a formulation with the potential of being prescribed with less restrictions than current formulations. Our team is very excited to be developing both acute, in SLS-002, and a potentially chronic, in SLS-003, ketamine-based therapy programs. We look forward to initiating studies with SLS-003 in 2022 and our recent capital raises have accounted for the expected development costs for initiating studies.”
We are thrilled to work with Seelos Therapeutics. Their deep knowledge in ketamine drug design makes them an ideal partner to develop Wafermine(tm), and other sublingual ketamine product development.” said Chairman and CEO, iX Biopharma. To unlock the full potential of our assets, we have a core strategy: licensing our WaferiX(tm),-based pharmaceutical drugs to third parties for their development and commercialization. This commercially significant agreement we have with Seelos is an affirmation of our ability and capability to deliver on that strategy. “
Pursuant to the License Agreement, Seelos will pay iX Biopharma a one-time, upfront fee of $9,000,000, comprised of $3,500,000 in cash and $5,500,000 in restricted shares of Seelos’ common stock for the worldwide license for Wafermine(tm) (excluding China, Taiwan, Macau and Hong Kong), the worldwide license for WaferiX(tm) in other ketamine formulations, and clinical supplies. iX Biopharma will also receive milestone payments contingent upon Seelos’ achievement of certain regulatory, commercial and development milestones. Also, a low double-digit royalties on future net sales for certain licensed products will be paid to Seelos.
About iX Biopharma LTD
iX Biopharma is a specialty pharmaceutical and nutraceutical company listed on the Catalist board of the Singapore Exchange Securities Trading Limited (SGX-ST), operating a fully integrated business model from drug development to manufacturing and supply, with facilities in Australia. The Group is dedicated to the commercialization and development of treatments for central nervous system diseases using patent-protected formulations that can be sublingually delivered.
For more information about iX Biopharma LTD, please visit their website: https://www.ixbiopharma.com/.
The licensed products utilize iX Biopharma’s patented sublingual wafer technology, known as WaferiX(tm), to disintegrate under the tongue rapidly for faster therapeutic action and predictable dosing. Sublingual delivery with WaferiX ™ has been shown to increase bioavailability and reduce peak plasma concentrations. This is in contrast to oral dosing.
About Seelos Therapeutics
Seelos Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development and advancement of novel therapeutics to address unmet medical needs for the benefit of patients with central nervous system (CNS) disorders and other rare disorders. The Company has a robust portfolio of clinical assets that targets psychiatric, movement and other rare disorders. Seelos is located in New York ..
For more information, please visit our website: http://seelostherapeutics.com, the content of which is not incorporated herein by reference.
Forward Looking Statements
Statements made in this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements relate to the potential efficacy of the Licensed Products and Wafermine technology, as well as the satisfaction of any contingent milestones or royalty payments. They also include the financing of future development, manufacturing, and commercialization of Licensed Products. These statements reflect Seelos’ current beliefs and expectations. Actual results could differ materially from the statements. Risks associated with Seelos’ business and plans described herein include, but are not limited to, the risks that Seelos will not realize the expected benefits from the license with iX Biopharma, risks associated with the implementation of Seelos’ business strategy, the risks related to raising capital to fund its development plans and ongoing operations, risks related to Seelos’ current stock price, risks related to the global impact of COVID-19, as well as other factors expressed in Seelos’ periodic filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We believe our forward-looking statements to be reasonable. However, we don’t know if our expectations will prove true. These forward-looking statements are only valid as of the date they were made, and may not be updated or amended by us. 19406474332021112486567https://seelostherapeutics.com/194064743316535074382022https://twitter.com/seelostx 500 Related Links3369465
Chief Communications Officer
Seelos Therapeutics, Inc. (Nasdaq: SEEL)
300 Park Avenue, 2nd Floor
New York, NY 10022
SOURCE Seelos Therapeutics, Inc.
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