Imbrium takes up option on PureTech's LYT-503/IMB-150
UK clinical-stage biotech PureTech Health (LSE: PRTC) today announced that Imbrium Therapeutics, a subsidiary of Purdue Pharma, has exercised a license option under the companies’ R&A collaboration agreement to develop PureTech’s LYT-503/IMB-150 (formerly designated as ALV-107), a non-opioid therapeutic candidate being developed for interstitial cystitis/bladder pain syndrome (IC/BPS).
Via its Alivio subsidiary, PureTech first linked up with Purdue for ALV-107 in early 2019, in a deal that involved a $14.75 million in upfront and near-term license exercise payments and is eligible to receive royalties on product sales and over $260 million in R&D milestones.
LYT-503/IMB-150 leverages the Alivio platform technology and is designed to selectively bind to and treat inflamed tissue along the bladder wall while limiting systemic drug exposure.
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