Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announces closing an investment in Dianomi Therapeutics, Inc., a biopharmaceutical company focused on improving the delivery and efficacy of large and small molecules in the treatment of a variety of diseases and on therapies for inflammatory diseases, such as osteoarthritis and pain. Ligand paid a total of $3 million to Dianomi in exchange for 1) a tiered royalty of two or three percent based on level of net sales for the first five products to be approved using Dianomi’s patented Mineral Coated Microparticle (MCM) technology and 2) a loan convertible into $1 million of equity at the next qualified financing. Ligand will provide technical and scientific advisory assistance to Dianomi for one year. Ligand will not incur any expenses to develop or commercialize any MCM programs.
“We are pleased to invest in Dianomi as the company works to develop therapeutics using its microparticle technology. MCM has a broad range of applicability as well as the potential to improve and extend many of the therapeutic benefits of both novel and existing drugs, similar to Ligand’s Captisol technology. This investment helps fund a promising company and will provide potential royalties to Ligand on products that could complete development in the next several years and generate revenue into the late 2030s,” said John Higgins, Chief Executive Officer of Ligand. “Our Shots-on-Goal business model is focused on assembling a large and diversified portfolio of royalty contracts, and this transaction is an example of the multiple investment approaches we are pursuing to add programs to our portfolio.”
The MCM technology is a patented formulation technology designed to improve dosing and patient compliance, safety and efficacy and/or extended product life of biologics and small molecules. Traditional drug delivery systems can often deliver biologics but struggle with maintaining protein activity during treatment. The MCM technology mimics the ability of human bones and teeth to store and protect biologics, and provides greatly improved, sustained release delivery of active biologics. MCM was developed in the laboratory of William Murphy, PhD, Professor of Biomedical Engineering at the University of Wisconsin, and was patented under the Wisconsin Alumni Research Foundation (WARF) with issued patent coverage through 2037. Dianomi’s initial focus will be on creating novel formulations of existing drugs in the osteoarthritis and pain space.
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