CLINTON, N.J. and JERUSALEM, July 6 /PRNewswire/ -- Ikaria Holdings, Inc. and BioLineRx Ltd. (TASE: BLRX) today 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 remodeling 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 program 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 Tasse, 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 programs 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, M.D., CEO of BioLineRx. "Ikaria's deep and singular focus on therapies for patients
|SOURCE Ikaria Holdings Inc.|
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