InhaleRx has entered into a loan agreement with Clendon Biotech Capital (CBC) to fund Phase 1 and 2 clinical development of its cannabinoid drug candidates IRX-211 and IRX-616a.
The deal provides InhaleRx with up to A$38.5 million in funding, which it said should enable it to reach the Phase 3 “pivotal stage” for both candidates within the next two-to-three years. The arrangement allows for the drawdown of funding as eligible expenditure is incurred.
Once approved, InhaleRx said the loan facility will allow it 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”.
Continue reading...
