Ikaria Holdings, Inc and BioLineRx Ltd announced that Ikaria has entered into an agreement to obtain a worldwide exclusive license to BioLineRx's BL-1040, a potential breakthrough treatment for preventing pathological cardiac remodelling following acute myocardial infarction (AMI).
BL-1040, currently in a phase-I/II clinical trial, is administered via the coronary artery during standard catheterization and flows into the damaged heart muscle, where it forms a protective 'scaffold' that enhances the mechanical strength of the heart muscle during recovery and repair. BL-1040 is the first programme to graduate from the BIJ (BioLine Innovations Jerusalem) incubator subsidized by the Israeli Office of the chief scientist.
Under the terms of the agreement, BioLineRx will receive upfront and milestone payments. BioLineRx will also receive royalties on annual net sales. Ikaria will be responsible for completing clinical development and commercialization efforts. The deal is contingent upon receipt of the approval of the Israeli Office of the chief scientist.
"The acquisition of the rights to BL-1040 reinforces our commitment to deliver novel treatments to critically ill patients around the world," commented Daniel Tassé, president and CEO of Ikaria. "Millions of patients suffer from MI each year, and BL-1040 represents the potential of an exciting solution to the problem of ventricular remodeling following AMI, for which the unmet need remains very high. This agreement is consistent with our business model of developing early-stage programmes through human Proof of Concept trials and ultimately partnering with a global therapeutics company that has the expertise and resources to complete development and commercialization," said Morris C Laster of BioLineRx, "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."
BL-1040 was invented by professor Smadar Cohen from Ben-Gurion University and professor Jonathan Leor from Tel-Aviv University. BioLineRx in-licensed the technology in 2005 from Ben-Gurion University through BG Negev Technologies and Applications Ltd.
Ikaria Holdings is a biotherapeutics company whose acute care products and therapies address the significant unmet needs of critically ill patients.
BioLineRx, a clinical stage drug development company traded on the Tel Aviv Stock Exchange, is dedicated to building a robust pipeline of promising therapeutics for unmet medical needs.