Healthcare company InhaleRx (ASX: IRX) has entered into an agreement with Melbourne-headquartered Clendon Biotech Capital to provide up to $38.5 million in funding to cover costs associated with developing it’s unique inhaled therapies.

Clendon’s funding will fully cover the costs – including those from associated non-clinical work and trial drug manufacturing – for the IRX-211 and IRX-616a drug development plans through to the completion of Phase 2 clinical trials.

The funding will also enable InhaleRx to address the requirements of the US Food and Drug Administration (FDA) relevant to its recent investigational new drug (IND) application for IRX-616a.

Twin treatments

IRX-211 is being evaluated for the treatment of breakthrough cancer pain in opioid-tolerant patients, while IRX-616a is an innovative drug-device medication designed to offer fast and effective relief for individuals suffering from the debilitating panic disorder (PD) condition.

InhaleRx chief executive officer Darryl Davies said the partnership with Clendon is a transformative step in securing the company’s ability to execute its clinical development strategy.

“While this partnership provides vital support for our clinical development program, we will continue to explore opportunities to fund our broader operational needs and ensure the long-term success of the company,” Mr Davies said.

Targeting cancer pain

IRX-211 is specifically designed to target breakthrough cancer pain (BTcP), a condition characterised by sudden, intense episodes that occur despite otherwise controlled cancer-related chronic pain.

BTcP can be particularly debilitating for cancer patients and conventional treatments often fall short due to delayed onset of action or suboptimal dosing.

The InhaleRx treatment delivers a precise dose of the medication designed to provide rapid onset relief, ensuring quick absorption and action when needed most.

The next stage of testing for IRX-211 is a planned Phase 2 study to evaluate its efficacy and safety in a strategically designed trial that replicates the registration trials used for fentanyl products, the only FDA-approved drugs for treating BTcP.

CBD-based medicine

IRX-616a is a device-drug combination designed to deliver cannabidiol (CBD)-based medicine quickly and safely into circulation.

This ensures excellent bioavailability and a rapid onset action or near-immediate relief from acute panic attacks.

Current treatments for PD often have a delayed onset of action or can be difficult to administer during an attack, an issue the InhaleRx treatment is designed to overcome.