Promore ploughs on in drive to fund US trial of PXL01

2 January 2018

Promore Pharma (Nasdaq: PROMO), a Swedish developer of therapeutic peptides, is to go on with efforts to fund a Phase III trial of PXL01 in North America – even if that means doing so alone.

Privately-owned US biotech Cellastra had an option to participate in the funding of the trial in patients undergoing tendon repair surgery as part of an agreement signed in March 2017.

If Cellastra had solely funded the trial, it would have received a license to commercialize PXL01 in North America. However, the option expired at the end of 2017, and Cellastra has not found the funds required.

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