IRLAB Therapeutics - IRL757 progress prompts $2.5m milestone payment
IRLAB Therapeutics has announced that it will receive a $2.5m milestone payment from the McQuade Center for Strategic Research and Development (MSRD), prompted by the dosing of the first participant in a second Phase I trial for IRL757, which is being developed for apathy. The aim of this study is to assess the pharmacokinetics (PK), safety and tolerability of single ascending oral doses of IRL757 in healthy older adults (>65 years) and it is expected to conclude in late-Q424. The first Phase I study assessing IRL757 in younger subjects is ongoing. It is financed by the Michael J Fox Foundation (MJFF) and is anticipated to be completed by end-2024. As part of the MSRD agreement, IRLAB has received $3m as an up-front payment and we believe the company is eligible for a further $3m in development milestones, following this new $2.5m payment. MSRD could also expand the collaboration, subject to negotiations.IRLAB Therapeutics AB is a Sweden-based research and development company. It focuses on illnesses in the central nervous system and primarily on development of drugs to assist patients with Parkinson's disease. The Company possesses a research platform Integrative Screening Process (ISP), which aims to discover and develop drug candidates for the treatment of brain diseases. The Company operates projects on both clinical phase and preclinical phases. The primary projects are IRL790 and IRL752, both on clinical phase. The IRL790 project is a psychomotor stabilizer for the treatment of levodopa (L-dopa) amino acid that dyskinesia induces in Parkinson's Disease (PD-LIDs) and Parkinson Disease psychosis (PD-Psychosis). The IRL752 project aims at cortical enhancement for the treatment of Parkinson Disease Dementia (PD-D) and Behavioral and Psychological Symptoms of Dementia (BPSD).
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