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Neuphoria Therapeutics (Nasdaq: NEUP) announced it will receive a $15 million milestone payment from Merck following the initiation of a Phase 2 clinical trial for MK-1167, an α7 nicotinic acetylcholine receptor positive allosteric modulator, in Alzheimer's disease dementia.
This marks the second milestone achieved in the Merck collaboration. Under the agreement, Neuphoria remains eligible for up to $450 million in additional milestone payments for development and commercial achievements, plus royalties on net sales of licensed medicines.
The Phase 2 trial (NCT06721156) will evaluate MK-1167's safety and efficacy in treating Alzheimer's disease symptoms. The milestone achievement validates Neuphoria's ion channel targeting platform, which has produced several clinical and preclinical stage drug candidates.
Neuphoria Therapeutics (Nasdaq: NEUP) has completed its re-domiciliation from Australia to the United States, transforming from Bionomics The company's shares will begin trading on Nasdaq under the symbol 'NEUP' starting December 24, 2024. As part of the transition, Neuphoria will issue new stock options to existing Bionomics option holders and a warrant to purchase 1,054,381 shares to an institutional investor who previously held warrants for 12,652,572 Bionomics American Depositary Shares (ADSs).
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