iX Biopharma secures $112m US contract for pain reliever trials

The funding will be allocated for the late-stage development of Wafermine. 

Singapore-listed iX Biopharma has secured a $112.07m (US$41m) contract from the US Department of Defense to fund late-stage development of Wafermine, a fast-dissolving sublingual ketamine wafer for rapid pain relief, the company said.

In a press release, iX Biopharma said the programme will support Phase 3 clinical development. It also provides a potential Emergency Use Authorisation pathway for earlier deployment where required.

The treatment is intended for battlefield trauma, emergency response, remote care and mass-casualty settings.

Following the announcement, the company signed a placement agreement with OCBC to raise at least $6m (US$2.20m) at $0.198 (US$0.07) per share from institutional and accredited investors. Strong demand led to an upsized placement of approximately $15m (US$5.49m).

About $13m (US$4.76m) of the proceeds will be used for execution of the US government programme and working capital, whilst $2m (US$0.73m) will be allocated to debt repayment.

(S$1 = US$0.37)