MDGS - Polyrizon NurExone team up for intranasal delivery of spinal cord injury therapy

Israeli biotech Polyrizon is collaborating with NurExone Biologic for intranasal administration of a therapy for spinal cord injuries (SCI).

Under the agreement, Polyrizon — in which Medigus ( NASDAQ: MDGS ) owns a 37.03% stake — will use its Trap and Target platform to develop formulations, conduct analytical development and produce technical batches of a intranasal delivery system.

Medigus said the the intranasal system is being designed for efficient delivery of Nurexone's ExoTherapy to patients with traumatic SCI and may also be relevant to other uses through intranasal exosome delivery.

Medigus noted that NurExone develops proprietary exosomes (a nano scale extracellular vesicle) as biologically-guided nanocarriers, called ExoTherapy, to deliver specialized molecules to targeted areas.

NurExone will cover the costs of ~$220K of developing the formulation in three installments, upon development success and expects to carry out a biological efficacy study of the intranasal system within three quarters.

NurExone will also pay development fees of up to $3.35M upon completion of certain milestones, which includes $500K after a phase 2 trial is successfully completed; plus royalties.

NurExone will retain exclusive manufacturing and marketing rights for formulations under the collaboration.

Polyrizon may help NurExone with regulatory submissions in the U.S. and Europe.

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