Nanomerics Receives Further Upfront Payment for Anti-Viral Spray AnQlar(TM)

Rhea-AI Summary

Nanomerics Ltd announced a milestone payment following the expansion of its anti-viral spray license for AnQlar™ to Virpax Pharmaceuticals (NASDAQ:VRPX). The agreement now includes worldwide rights, and the deal features an upfront payment with future revenue sharing. This funding will support Nanomerics' growth and clinical programs. CEO expressed satisfaction with the partnership aimed at developing AnQlar™ as a nasal spray to combat respiratory viruses, including SARS-CoV-2 variants.

Positive

• Received a milestone payment from Virpax Pharmaceuticals for AnQlar™ expansion.
• Agreement now includes worldwide rights for the anti-viral spray.
• Funding will support expansion of headcount and clinical programs.

Negative

• None.

LONDON, UK / ACCESSWIRE / March 22, 2022 / Nanomerics Ltd., a private speciality pharmaceutical company, today announced the receipt of a further milestone payment on agreeing the expansion of its anti-viral spray licence (AnQlar™) to Virpax Pharmaceuticals (NASDAQ:VRPX). Nanomerics recently agreed an expansion of the current North America licence to include world wide rights to the asset. This licence was accompanied by an up-front payment and a conversion of future payments to a fixed percentage of revenues, as is usual with over the counter medicines deals. These funds will allow Nanomerics to continue to expand its headcount and aggressively pursue its clinical programs. Nanomerics' Chief Executive Officer stated, "I am really pleased that we were able to agree on the terms for the expansion of our commercial agreement with Virpax Pharmaceuticals and we look forward to further development of AnQlar™ by our partner". AnQlar™ is being developed as an anti-viral prophylactic nasal spray, which should protect against respiratory viruses, including the multiple variants of SARS-COV-2.

About Nanomerics

Nanomerics Ltd is a speciality pharmaceutical company based in London, UK. 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. Nanomerics' proprietary technology is based on world leading know-how and scientific leadership in polymer nanotechnology. Nanomerics creates uniquely differentiated, patented pharmaceutical assets, underpinned by high quality science. For example, the company's Molecular Envelope Technology (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. Pharmaceutical product candidates in development include OC134 for the treatment of allergic conjunctivitis and OC137 for the treatment of non-infectious posterior uveitis. Additionally a number of pharmaceutical product candidates have already been out-licensed by Nanomerics to Virpax Pharmaceuticals (NASDAQ:VRPX), e.g. Envelta™, which is being developed as a pain therapeutic and AnQlar™, which is being developed as an anti-viral nasal spray.

For more information, please visit www.nanomerics.com or contact Nanomerics investor relations at info@nanomerics.com.

About Virpax Pharmaceuticals

Virpax is developing branded product candidates for non-addictive pain management and neurological disorders using its proprietary technologies to optimize and target drug delivery. Virpax is initially seeking FDA approval of its three patented drug delivery platforms. Epoladerm™ is a topical diclofenac spray film formulation being developed to manage osteoarthritis pain. Probudur™ is a single injection long-acting liposomal bupivacaine formulation being developed to manage post-operative pain. Envelta™ is an intranasal Molecular-Envelope Technology (MET) enkephalin formulation being developed for the management cancer and non-cancer pain, as well as post-traumatic stress disorder (PTSD) under the name PES200. MET technology is also used in AnQlar™, a candidate to inhibit viral replication caused by influenza or SARS-CoV-2. Virpax recently acquired global rights to VRP324, a product candidate for the nasal delivery of a pharmaceutical-grade cannabidiol (CBD) for the management of epilepsy in children (a rare pediatric disease) and adults. For more information, please visit www.virpaxpharma.com.

SOURCE: Nanomerics Ltd.

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FAQ

What milestone payment did Virpax Pharmaceuticals make to Nanomerics related to AnQlar™?

Nanomerics received a milestone payment as part of the expanded license agreement for AnQlar™ with Virpax Pharmaceuticals.

What are the new rights acquired by Virpax Pharmaceuticals for AnQlar™?

Virpax Pharmaceuticals has acquired worldwide rights to the AnQlar™ anti-viral spray.

What is the purpose of AnQlar™ developed by Nanomerics?

AnQlar™ is being developed as an anti-viral prophylactic nasal spray to protect against respiratory viruses, including SARS-CoV-2.

How will the milestone payment affect Nanomerics' operations?

The milestone payment will enable Nanomerics to expand its headcount and aggressively pursue its clinical programs.