Inspiration Biopharmaceuticals, Inc., announced in early February that it had reached a deal to sell its developmental therapy IB1001 at auction to Cangene, a Winnipeg, Canada-based pharmaceutical company. IB1001 is an intravenous recombinant factor IX (rFIX) product being investigated for the treatment and prevention of bleeding episodes in people with hemophilia B. Inspiration has been divesting several of its investigational therapies after bankruptcy proceedings were begun in 2012.
Currently in phase III clinical trials, IB1001 has not yet received approval from the US Food and Drug Administration (FDA) or the European Medicines Agency (EMA). Clinical studies for the drug were halted when irregular protein levels were discovered. Inspiration corrected the irregularity through adjustments made to the manufacturing process. Cangene will be taking over the trials and charged with finishing the approvals processes with the FDA and the EMA.
"The acquisition of IB1001 is consistent with our strategy of targeting late stage products to drive growth in our commercial business," said John A. Sedor, President and Chief Executive Officer of Cangene, in a press release. "We are a patient-focused Company and the addition of IB1001 to our pipeline provides an opportunity to address a significant global need for patients with hemophilia B. We will use our significant experience in developing and commercializing biological products to resolve the regulatory challenges and bring value to hemophilia B patients and to Cangene."
Source: Fox Business News, February 6, 2013