Lantern inks Asset Purchase Agreement to regain rights for Irofulven

Lantern Pharma- a clinical-stage biopharma entity focused on developing precision cancer drugs has signed an Asset Purchase Agreement to regain the global development and commercialization rights for Irofulven or LP-100 from Allarity. The agreement also includes the developed clinical protocol for a study in prostate and bladder cancer patients that carry a mutation in the ERCC2 and ERCC3 genes.

In addition to this, Lantern Pharma has achieved an exclusive license to deploy the companion drug by Allarity to support the future development and commercialization of Irofulven drug. With this, the biopharma company will gain the complete authority to manage and guide the future clinical development and commercialization of the drug.   

Panna Sharma, President and CEO, Lantern Pharma was quoted stating that on the basis of the initial survival data, and new observations of the drug’s efficacy in the treatment of cancers with DNA repair deficiency, re-attaining the rights and future control of the program will enhance Lantern’s capability towards drug-development and gradually raise the potential of Irofulven.

The biopharma company aims at building on the current trial in metastatic castration-resistant prostate cancer patients and evaluate launches in other cancers with mutations in BRCA, ATM, ERCC2/3, along with other DNA-repair pathway genes. Many studies have indicated the efficacy of LP-100 and LP-184 in prostate and bladder cancers, Sharma added.

The new program is in line with the company’s other drug candidates that also focus on DNA damage repair. The LP-100 carries the potential to be an integral compound either as a monotherapy or in combination for many challenging cancers that are affecting patients across the globe.

Sources cite that under the new terms of the Asset Purchase Agreement, the biopharma company will pay an initial amount of USD 1 million along with escrow payments in the future that carry the potential to offer an additional USD 1 million to Allarity based on drug development and trial enrollment milestones in the next 24 months.

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