InflaRx ( NASDAQ: IFRX ) amended an existing co-development agreement with Staidson (Beijing) BioPharmaceuticals (together with its affiliates, STS) to support efforts for regulatory approval of COVID-19 drug BDB-001 in China.
The company said BDB-001, an anti-C5a antibody which originated from the same cell line as vilobelimab, is being developed by STS to treat severe COVID-19 and other inflammatory diseases in China.
Under the amendment, InflaRx will receive royalties of 10% on net sales of BDB-001 for treat COVID-19 in China.
InflaRx has granted STS an exclusive license for use in China to certain of InflaRx’s clinical, manufacturing and regulatory documentation regarding vilobelimab to support regulatory filing for BDB-001 in China.
In addition, InflaRx signed a share purchase agreement with Staidson Hong Kong Investment, an affiliate of Staidson, under which STS will buy additional ordinary shares of InflaRx for $2.5M at $5 per share.
STS also has an option, at InflaRx's discretion, to buy additional shares worth $7.5M.
"STS's investment in InflaRx further strengthens both our near-term and long-term financial position as we advance our own vilobelimab product in several indications," said InflaRx Founder and CEO Niels Riedemann.
InflaRx noted that vilobelimab has been submitted to the U.S. Food and Drug Administration (FDA) for emergency use authorization to treat critically ill, intubated, mechanically ventilated patients with COVID-19.
IFRX +14.22% to $2.41 premarket Dec. 21
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InflaRx stock surges as Staidson amends contract on COVID drug, $2.5M equity funding