Cash infusion fast tracks InhaleRx inhaled therapies

Biotechnology company InhaleRx has secured $38.5 million in funding to further develop its precision medicines delivered via inhalation.

Clendon Biotech Capital has entered into a strategic partnership with the company to provide funding to cover all direct costs associated with the Phase 1 & 2 clinical development of its’ key drug development projects – IRX-211 and IRX-616a.

IRX-211 is a medication designed to target breakthrough cancer pain, a condition characterised by sudden, intense episodes of pain that occur despite otherwise controlled cancer related chronic pain.

And IRX-616a is a medication designed to offer fast and effective relief for individuals suffering from panic disorder by delivering medicinal cannabis based medicine quickly and safely into the circulation.

The funds will also enable InhaleRx to address the requirements of the US Food & Drug Administration relevant to its recent IRX-616a Investigational New Drug (IND) application.

The board of InhaleRx views the partnership with Clendon Biotech Capital as a transformative step in securing its’ ability to execute its clinical development strategy.

CEO Darryl Davies said: “This agreement enables InhaleRx to focus on advancing our key clinical programmes, including addressing the requirements outlined in FDA feedback on our recent IRX616a IND application.

“While this partnership provides vital support for our clinical development programme, we will continue to explore opportunities to fund our broader operational needs and ensure the long-term success of the company.”

Once approved, the Clendon Biotech Capital facility will allow the Company to immediately activate the specification adjustment and batch manufacturing work required in the manufacture of the requisite trial drugs for the proposed IRX616a (Phase 1), and IRX-211 (Phase 2) trials.

While it is expected that this funding arrangement will cover all necessary clinical trial costs, InhaleRx will remain responsible for covering its operational and corporate overheads.

Clendon Biotech Capital is a Melbourne based venture capital investor focused on small to mid-size bio-technology companies in its target therapeutic areas of neuroscience, gastroenterology, oncology and anti-aging.

Picture: InhaleRx