Seelos To Get License For Wafermine From IX Biopharma For $9 Mln

(RTTNews) - Seelos Therapeutics, Inc. (SEEL), a company focused on the development of therapies for central nervous system disorders and rare diseases, said on Wednesday that it has inked a deal to obtain exclusive worldwide license from iX Biopharma Ltd for its lead drug under development Wafermine, for $9 million.

Wafermine is a sublingual racemic ketamine wafer.

The company also got worldwide license for other sublingual ketamine wafers, delivered with a proprietary fast-dissolving wafer-based drug delivery platform technology called WaferiX.

The license agreement excludes certain countries including, China, Taiwan, Macau, and Hong Kong, the American firm said in a statement.

The one-time upfront payment of $9 million to the Singapore-based iX Biopharma is comprised of $3.5 million in cash and $5.5 million in restricted shares of Seelos' common stock.

Raj Mehra, Chairman and CEO of Seelos, commented: "Our licensing of this new program broadens Seelos' ketamine franchise with a formulation that we believe will be more suitable for chronic dosing in indications like CRPS and PTSD, which are both very difficult indications to treat effectively."

New York-headquartered Seelos said it will also pay iX Biopharma certain milestone payments, and a low double-digit royalty on future net sales of certain licensed products.