Island Pharma (ASX:ILA) updates API deal, enters into agreement with Curia

Highlights

  • Island Pharmaceuticals has entered into a new one-off purchase agreement with Curia, Inc.
  • This replaces the agreement previously announced to manufacture 2.5 kg od de novo batches for a trial.
  • The shares of the stock closed substantially lower today.

ASX-listed drug research and repurposing company Island Pharmaceuticals Limited (ASX:ILA) announced that it has signed a fresh one-off purchase agreement with Curia, Inc.

The new agreement will replace the earlier agreement dated 22 July 2021, to manufacture two 2.5 kilogram de novo batches of GMP drug substance. This GMP drug substance would be used for its upcoming Phase IIa clinical trial where ISLA-101 will be studied as a potential drug useful in the prevention and treatment of dengue fever.

Why has Island Pharmaceuticals cancelled the previous agreement?

Island previously signed a purchase agreement with CerRx, Inc. (22 July 2021) to acquire Active Pharmaceutical Ingredient (API). However, in view of an inventory error at a third-party storage facility, the Company has been informed that there is less API available to buy than what was originally expected. This has led to the cancellation of that agreement at no cost to Island. Thus, Island has engaged Curia to undertake two 2.5-kilogram manufacturing campaigns to offer material for the new and subsequent trial at a cost of approximately US$431,300, which aligns with the budget forecast.

What the Company expects from the two 2.5-kilogram manufacturing campaigns?

The Company hopes that the manufacturing campaign should only result in a short delay to early Q1 2022 to commence trial enrolment - earlier this was anticipated to start in late Q4, 2021. This replacement manufacturing campaign will provide drug substance with a longer shelf life than under the previous arrangement.

Bottom Line:

Island Pharmaceuticals believes that the continuity of its relationship with Curia via this new manufacturing program, will support the pharmaceutical company’s lead asset ISLA-101 trial in dengue fever.

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