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ARS Pharmaceuticals Reacquires European Marketing Rights to neffy® (ARS-1) for the Treatment of Type I Allergic Reactions Including Anaphylaxis
SAN DIEGO, Feb. 22, 2023 (GLOBE NEWSWIRE) -- ARS Pharmaceuticals, Inc. (Nasdaq: SPRY), a biopharmaceutical company dedicated to empowering at-risk patients
About this update from Ars Pharmaceuticals, Inc.
[{"type":"text","content":" SAN DIEGO, Feb. 22, 2023 (GLOBE NEWSWIRE) -- ARS Pharmaceuticals, Inc. (Nasdaq: SPRY), a biopharmaceutical company dedicated to empowering at-risk patients and caregivers to better protect themselves from severe allergic reactions that could lead to anaphylaxis, today announced that the company reached agreement to reacquire commercial rights to neffy, known as ARS-1 in the European region, from Recordati S.p.A. The agreement followed a portfolio review conducted by Recordati aimed at focusing commercial efforts on core strategic therapeutic areas. In 2020, the original license and supply agreement between ARS and Recordati provided ARS with non-dilutive funding for the early clinical development of neffy, while providing Recordati marketing rights to neffy in the European Union, Iceland, Liechtenstein, Norway, Switzerland, United Kingdom, Russia/CIS, Turkey, Middle East and French-speaking African countries. Today, ARS is in a strong position, with approximately $275 million in cash as of year-end 2022, and an anticipated 2023 US launch of neffy, if approved. ARS’ cash is projected to be at least three years of operating runway based on the company’s current operating plan. “We are grateful to Recordati for their support to date and, by reacquiring European rights with an anticipated EU regulatory decision later this year, we increase our optionality in pursuing potential strategic transactions or partnerships,” said Richard Lowenthal, president and chief executive officer of ARS Pharmaceuticals. “Our MAA for neffy is currently under review by the EMA, and if approved in the EU, we see tremendous potential for commercial success. If approved, this product can be an important treatment option for patients around the world who fear using needle bearing injection devices.” “We believe ARS-1 will be a differentiated product that will fill an unmet need for patients with Type I allergic reactions,” said Alberto Martinez, Recordati Executive VP Specialty & Primary Care. “This agreement with ARS to re-acquire our rights was made as part of a portfolio review process. We are proud to have contributed to advancing the development of ARS-1 for patients in Europe and wish ARS success as it moves ARS-1 toward approval.” In connection with the agreement for ARS to reacquire commercial rights to neffy, ARS is obligated to pay Recordati an u...