Lantern Pharma Reacquires Rights To Phase 2 Clinical Trial In Metastatic Prostate Cancer

(RTTNews) - Lantern Pharma (LTRN) said it will reacquire global development and commercialization rights for Irofulven (LP-100) from Allarity, formerly known as Oncology Venture.

The transaction includes global rights to the clinical stage drug candidate Irofulven (LP-100), as well as the developed clinical protocol for an intended study in bladder and prostate cancer patients who have a mutation in the ERCC2/3 genes.

Lantern also received an exclusive license to use Allarity's companion diagnostic in future development and commercialization of LP-100. Lantern will assume full authority to manage and guide future clinical development and commercialization of the drug candidate.

Irofulven (LP-100) is in an existing phase 2 clinical trial for patients with metastatic, castration resistant prostate cancer (mCRPC) that has enrolled 9 of 27 patients.

Median overall survival for the initial group of 9 patients has been 12.5 months, which is an improvement over other similar fourth-line treatment regimens for mCRPC.

Lantern said it is assessing the launch of additional human clinical trials in cancers with mutations in DNA damage repair genes for LP-100.

As per the terms of the Asset Purchase Agreement, Lantern will pay an initial upfront amount of US $1.0 million, and future escrow payments that have the potential to deliver an additional US $1.0 million to Allarity based on drug manufacturing and trial enrollment milestones within the next 24 months.

Allarity is also eligible to receive up to US $16 million in additional milestone payments over the life of the program based on IP license milestones and regulatory filings and approvals in the US and EU, and low- to mid-single-digit royalties on future commercial net sales.