Double Milestone Payment Strengthens Nanomerics' Balance Sheet and Enables Nanomerics to Further Clinical Programmes
Nanomerics Ltd announced receiving its first milestone payments from Virpax Pharmaceuticals (NASDAQ:VRPX). These payments are linked to the licensing of Envelta™ for non-cancer pain treatment and MMS019, an antiviral nasal spray. Virpax is responsible for clinical development under agreements with the U.S. National Center for Advancing Translational Sciences. This collaboration supports the development of innovative treatments amid the opioid crisis and viral infections, potentially enhancing both companies’ market positions.
- Receipt of first milestone payments from Virpax strengthens Nanomerics' balance sheet.
- Envelta™ shows strong preclinical activity for non-cancer pain in all models.
- MMS019 has demonstrated good anti-viral activity against SARS-COV-2 in lab cultures.
- None.
LONDON, UK / ACCESSWIRE / March 1, 2021 / Nanomerics Ltd., a world leader in molecular engineered delivery technologies, today announced that the Company had received its first milestone payments from Virpax Pharmaceuticals (NASDAQ:VRPX).
These milestone payments relate to the licensing of Envelta™ for the treatment of non-cancer pain and MMS019, an anti-viral nasal spray. Under the terms of the license agreements Virpax Pharmaceuticals is responsible for the clinical development of Envelta™ in non-cancer pain patients and MMS019 for the prevention of respiratory viral infections, including SARS-COV-2. Virpax is developing Envelta™ under a cooperative research and development agreement with the United States National Center for Advancing Translational Sciences (NCATS), an institute of the U.S. National Institutes of Health (NIH).
"We are pleased that following Virpax Pharmaceuticals' initial public offering, Virpax Pharmaceuticals are now in a position to make these milestone payments, further their own development programmes and that the milestone payments will enable us to take our internal programmes towards the clinic," says Professor Andreas G. Schätzlein, Chief Executive Officer of Nanomerics. "We know, in the context of the current opioid crisis, that new pain treatments are needed and that Envelta™, which is based on enkephalin, shows good activity in all preclinical pain models; and has a potentially good safety profile."
Professor Schätzlein also says that, "MMS019, an antiviral nasal spray, being developed to reduce transmission of respiratory viral infections, shows good anti-viral activity against SARS-COV-2 in three dimensional human airway epithelial cell cultures. (Bioarxiv preprint)"
Anthony Mack, Chief Executive Officer of Virpax Pharmaceuticals says, "Virpax Pharmaceuticals was founded to provide innovative healthcare solutions to patients, where there is a clear unmet clinical need. We are pleased that our collaboration with Nanomerics is allowing us to fulfil our objectives in the area of pain as well as viral infection."
About Nanomerics
Nanomerics Ltd is a speciality pharmaceutical company based in London, UK. Nanomerics is a world leader in molecular engineered delivery technologies. Nanomerics creates uniquely differentiated, patented pharmaceutical assets, underpinned by high quality science. Nanomerics' proprietary technology is based on world leading know-how and scientific leadership in polymer engineering. For example, the company's Molecular Envelope (MET) is a unique patented biocompatible polymer that delivers a step change in target tissue bioavailability.
The founding scientists Professor Ijeoma F. Uchegbu and Professor Andreas G. Schätzlein developed the technology at the Universities of Strathclyde and Glasgow and, latterly at the UCL School of Pharmacy. Nanomerics was spun out of University College London, a top 10 global university and was founded to commercialise its biocompatible polymer technologies for drug delivery and other applications. Envelta™ and MMS019 are one of a number of pharmaceutical product candidates that have been out-licensed by Nanomerics. Other pharmaceutical product candidates in development include NM134 for the treatment of allergic conjunctivitis and NM137 for the treatment of posterior uveitis. For more information please visit www.nanomerics.com.
About Virpax Pharmaceuticals
Virpax is developing branded, non-addictive pain management product candidates using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval using its three patented drug delivery platforms; one of which is Envelta™. Envelta™ is an intranasal molecular-envelope enkephalin formulation being developed to manage acute and chronic pain, including pain associated with cancer. Virpax is also using its intranasal Molecular Envelope Technology (MET) to develop its PES200 product candidate to manage post-traumatic stress disorder (PTSD) and its MMS019 product candidate to inhibit viral replication caused by influenza or SARS-CoV-2. For more information, please visit www.virpaxpharma.com.
Forward-Looking Statements
This news release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Nanomerics cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially. Forward-looking statements reflect our analysis only on their stated date, and Nanomerics takes no obligation to update or revise these statements except as may be required by law.
For more information, please visit www.nanomerics.com or contact Nanomerics investor relations at info@nanomerics.com.
SOURCE: Nanomerics Ltd.
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FAQ
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