Friday, May 19, 2017
Remedy Pharmaceuticals, a privately-held pharmaceutical company focused on bringing life-saving treatments to people affected by central nervous system diseases and injuries, today announced that Biogen (NASDAQ:BIIB) completed an asset purchase of its Phase 3 candidate, CIRARA. Biogen made an upfront payment of $120 million to Remedy and may also pay additional milestone payments and royalties.
The target indication for CIRARA is large hemispheric infarction, a severe form of ischemic stroke where brain swelling often leads to disproportionately large share of stroke-related morbidity and mortality. The U.S. Food and Drug Administration (FDA) recently granted CIRARA Orphan drug designation for severe cerebral edema in patients with acute ischemic stroke. The FDA has also granted CIRARA Fast Track designation.
“We’ve spent over a decade on this mission to bring CIRARA to this desperately-in-need patient population,” notes David Geliebter, Executive Chairman, Remedy Pharmaceuticals. "Biogen’s expertise in CNS brings us closer to helping people afflicted with central nervous system related edema to not only survive, but live life to the fullest.”
“While one chapter closes for us, another exciting one begins for Remedy,” says Sven Jacobson, CEO of Remedy Pharmaceuticals, “As we seek out other innovative life science opportunities that play to our core strengths and values.”
