Dogwood Partners with PRIDCor for $100M Development Agreement
Dogwood announced a global development and commercialization partnership with PRIDCor Therapeutics, a clinical-stage biopharmaceutical company developing antiviral therapies for infection-associated chronic illnesses including Long-COVID, for Dogwood's anti-viral candidates, IMC-1 and IMC-2. The agreement includes potential payments of up to $100M to Dogwood and its current and former shareholders. Dogwood Therapeutics previously announced its intention to explore partnership opportunities to advance its combination antiviral drug candidates and shift its primary focus to advancing its NaV 1.7 inhibitor, Halneuron, to treat both chronic and acute pain conditions. Dogwood subsequentially in-licensed SP16, administered via intravenous formulation, as a complement to its lead asset Halneuron. Consistent with its prior announcement, Dogwood has entered into an agreement with PRIDCor pursuant to which PRIDCor will be fully responsible for financing and executing future development, commercialization and intellectual property maintenance for both IMC-1 and IMC-2. In exchange, Dogwood is entitled to a tiered royalty on net sales of up to 15% upon commercialization of IMC-1 or IMC-2. Further, Dogwood is entitled to 9% of all future capital raised by PRIDCor to advance IMC-1 or IMC-2, as well as future PRIDCor partnership-related development and regulatory payments associated with IMC-1 or IMC-2. Potential payments to Dogwood under the development partnership are capped at $100M.
