Ripple Therapeutics Secures Licensing Agreement and Series A Financing led by Théa Open Innovation
TORONTO, ON / ACCESSWIRE / December 15, 2020 / Ripple Therapeutics Corporation (“Ripple” or “the Company”), a clinical stage, ophthalmology-focused developer of novel therapeutics, announced today the signing of an exclusive Licensing Agreement for the rights to their lead product, IBE-814, for North America and Europe with Théa Open Innovation (“TOI”) a wholly owned subsidiary of Laboratoires Théa, the leading independent ophthalmology pharmaceutical company in Europe. In addition to the Licensing Agreement, Ripple announced that TOI is leading their Series A Financing.
Ripple’s Epidel® technology platform is founded on a discovery that drugs can be engineered into controlled release pharmaceuticals without the use of polymers or excipients. The proprietary prodrugs have unique properties that allow them to be processed into standalone drug delivery implants (e.g. intravitreal implants and micro/nanoparticles) or as coatings on medical devices. The implants and coatings undergo surface erosion to give zero order drug release kinetics and are highly engineerable (e.g. different forms, shapes, and sizes) to tailor drug dose and duration for the specific indication of interest.
Ripple’s lead program – IBE-814 IVT – is an intravitreal dexamethasone prodrug implant targeting diabetic macular edema (DME) and retinal vein occlusion (RVO). RIPPLE-1, a Phase II trial evaluating IBE-814 IVT, has been initiated in Australia and New Zealand with the first patient treatment expected in early 2021.
The licensing deal with TOI includes a significant upfront payment, sizeable clinical and regulatory milestones and double-digit royalties. As part of the Licensing Agreement, TOI will also manage and finance the Phase III pivotal trials for IBE-814 IVT.
The Series A Financing is being led by TOI with participation by existing investor Business Development Bank of Canada (BDC) and management with an initial tranche of $14.8M which closed on December 10th. Ripple is looking to raise an additional $7.2M in a second tranche which will close in March 2021. These additional funds will support investment in pipeline opportunities and continued technology platform development.
“Despite COVID-19, we have made significant progress with both IBE-814 IVT and our ophthalmology product pipeline since the spin-out of Ripple back in January. The Licensing Agreement with TOI underscores the potential commercial value of a sustained release steroid for DME and RVO and validates the strength of our Epidel® technology platform” stated Tom Reeves, President and CEO of Ripple Therapeutics. “Théa is an ideal partner for IBE-814 IVT given their extensive experience in ophthalmology and successful track record in bringing innovative products to market. We’re also honored that TOI is leading our Series A financing and appreciate the ongoing support of BDC in this financing round as well.”
“Théa Open Innovation was founded precisely for this type of collaboration and investment”, stated Jean-Frédéric Chibret, President of Laboratoires Théa. “Our mission is to identify, evaluate, and develop innovative ophthalmic and eye care solutions in partnership with companies like Ripple and to provide the funding required to conduct clinical trials. We have been very impressed by the Ripple team and the progress they have made with IBE-814 IVT. We look forward to working together to bring this sustained delivery technology to patients.”
About Ripple Therapeutics:
Ripple Therapeutics Corporation is a clinical stage privately held company that is focused on improving ophthalmic therapeutics with controllable, sustainable drug delivery. The core feature of Ripple’s Epidel® technology is the ability to engineer drugs into materials with zero-order release kinetics without the use of polymers or excipients. Ripple has a full product pipeline with the first program entering the clinic in early 2021. www.rippletherapeutics.com
About Théa:
Théa is the leading European pharmaceutical group (outside the retina sector). Based in Clermont-Ferrand, France, it runs more than thirty affiliates and offices in Europe, North Africa, North and South America, and the Middle East. Entirely dedicated to ophthalmology, this independent family company has a network of some 1500 collaborators, and its products are available in 74 countries worldwide. https://www.laboratoires-thea.com/en
Théa Media Contact:
Lorraine Kaltenbach, Director of Communications
M: +33 674740252 E: lorraine.kaltenbach@theapharma.com
Ripple Media Contact:
Julie Fotheringham, V.P. Marketing, People & Culture
M: 416-951-7988 E: jfotheringham@rippletherapeutics.com
SOURCE: Ripple Therapeutics Corporation
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