Initiator Pharma A/S, a clinical-stage pharma company, announced today that it has signed an exclusive option agreement for a Phase 2/3 ready drug asset for an undisclosed pain indication.
Initiator Pharma intends to continue the evalution of the drug candidate. A key task is to design a regulatory and clinical development plan that fulfills the Target Product Profile for the undisclosed pain indication, that can be completed in a time and cost-efficient manner. The drug candidate has through previously conducted clinical studies already been de-risked to a high extent, demonstrating exploratory clinical efficacy in the selected indication. Initiator Pharma will disclose more information about the asset and development after having completed evaluation during the option period period ending 31 December 2022.
“I am really excited for securing an exclusive option agreement for this asset. It targets a significant clinical unmet need within the pain area and provides a unique possibility for us to expand our pipeline with a late-stage clinical asset. The option will not reduce our focus on completing the ongoing clinical development of our IPED2015 and IP2018 programs. We remain on track with our IPTN2021 program and expect the first results for the ongoing Pain Challenge study sometimes during the second quarter 2022. This asset matches and complements Initiator’s current pipeline and ongoing clinical activities very well, and it strengthens our ambition of targeting the CNS for a broad range of indications” says Initiator Pharma’s CEO, Claus Elsborg Olesen.
This pain asset fits well into Initiator Pharma’s business strategy of creating company and shareholder value by developing attractive drug candidates to value inflection points in a cost-efficient manner.
The exclusive option agreement agreement contains no upfront or initial milestone payments. If Initiator Pharma choses to exercise the option it triggers a signing payment, two late-stage development milestones; i) Positive Phase 3 result and ii) Market approval, and a low single digit percentage on Initiator Pharma’s revenues on this asset only.