Ikaria has signed an agreement to obtain a worldwide exclusive license to BioLineRx's BL-1040, a potential treatment for preventing pathological cardiac remodelling following acute myocardial infarction (AMI).
BL-1040 is currently undergoing a Phase I/II clinical trial, where it is administered via the coronary artery during standard catheterisation and flows into the damaged heart muscle. The drug then forms a protective scaffold that enhances the mechanical strength of the heart muscle during recovery and repair.
As per the agreement BioLineRx will receive upfront and milestone payments related to the drug and will also receive royalties on annual net sales.
Ikaria will be responsible for completing clinical development and commercialisation efforts. The deal is contingent upon receipt of the approval of Israeli Office of the Chief Scientist.
BioLineRx CEO Morris Laster said that this agreement would continue developing early-stage programmes through human proof of concept trials and build a partnership with a global therapeutics company that has the expertise and resources to complete development and commercialisation.
"Ikaria's deep and singular focus on therapies for patients in acute care settings makes it an ideal party to further develop and bring BL-1040 to the global market," Laster said.