iX Biopharma secures $55.8m 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 $55.8m (US$41m) contract from the US Department of Defense to fund late-stage development of Wafermine, a fast-dissolving sublingual ketamine wafer, according to a press release.

The company said the treatment is intended for situations where conventional pain management is impractical or delayed, including battlefield trauma, emergency response, remote care, and mass-casualty settings.

The programme will support Phase 3 clinical development and a potential Emergency Use Authorisation pathway.

The announcement was followed by a placement agreement with OCBC to raise at least $6m at $0.198 per share from institutional and accredited investors. Strong demand subsequently led to an upsized placement of approximately $15m.

About $13m is earmarked for execution of the US government programme and working capital, whilst $2m is for debt repayment.