(RTTNews) - iX Biopharma Ltd Thursday said it has secured about $41 million in funding from the U.S. government to support the development of its Wafermine therapy for acute moderate to severe pain.
The funding, totaling $40.95 million, was awarded by the Defense Health Agency Contracting Activity under an Other Transaction Agreement to support development of Wafermine, the company's patented sublingual ketamine wafer. The program will advance the therapy toward both commercial use and potential battlefield deployment by the U.S. Department of Defense.
The 36-month program is designed to support an Emergency Use Authorization from the U.S. Food and Drug Administration, allowing Department of Defense use prior to full approval, as well as Phase 3 development aimed at eventual New Drug Application approval.
The contract was awarded through a sole-source procurement process, reflecting the government's determination that iX Biopharma is uniquely positioned to deliver the therapy using its proprietary WaferiX sublingual drug delivery technology.
Wafermine delivers ketamine rapidly without injections, making it suitable for battlefield, emergency, and remote-care settings. The company said the agreement is not expected to materially impact earnings per share or net tangible assets for the current fiscal year ending June 2026.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
