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NeuroproteXeon and Mallinckrodt licence agreement
NeuroproteXeon and Mallinckrodt licence agreement.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n \nRNS Number : 4861S Inspiration Healthcare Group PLC 03 October 2017 \n\n \nInspiration Healthcare Group plc\n(\"Inspiration Healthcare\" or the \"Company\")\n \nNeuroproteXeon licence agreement with Mallinckrodt plc\n \nInspiration Healthcare Group plc (AIM: IHC), the global medical device company, today announces that NeuroproteXeon Limited (\"NeuroproteXeon), in which Inspiration Healthcare has a 8.1 per cent. fully diluted shareholding, has secured a licence agreement with Mallinckrodt plc (NYSE:MNK) for the development and commercialisation of NeuroproteXeon's investigational, pharmaceutical-grade xenon gas for inhalation therapy.\nUnder the terms of the agreement, a subsidiary of NeuroproteXeon will receive an upfront payment of $10 million in cash from Mallinckrodt, with potential additional payments of up to $25 million dependent on developmental, regulatory and sales milestones. In addition, NeuroproteXeon will receive tiered royalties on applicable worldwide product sales and a transfer price for commercial product supply. \nThe Drug-device combination therapy for inhaled pharmaceutical-grade xenon gas is under investigation to lessen brain damage, improve survival and function in patients suffering cardiac arrest. NeuroproteXeon has already received FDA Special Protocol Assessment for Phase 3 trial to begin early 2018; FDA Orphan Drug Designation granted.\nNeil Campbell, CEO of Inspiration Healthcare Group, said today \"Inspiration Healthcare has been involved with xenon delivery for many years and it is immensely pleasing to hear that Mallinckcrodt have decided to licence the IP in key geographic markets which will help fund the research in this exciting field.\"\nInspiration Healthcare was a founding partner of NeuroproteXeon along with Touchstone Innovations plc (formerly Imperial Innovations plc) and Prof. Mervyn Maze and Prof. Nick Franks. Neil Campbell is a Non-Executive Director of NeuroproteXeon. The value of the shareholding in NeuroproteXeon on Inspirations Healthcare's balance sheet is currently £111,000.\n \nEnquiries:\n \n\n\n\n\nInspiration Healthcare Group plc\nNeil Campbell, Chief Executive Officer\nMike Briant, Chief Financial Officer\n\n\nTel: 01455 840555\n \n\n\n\n\nNominated Adviser & Broker \nCenkos Securities plc \nBobbie Hilliam (...