On December 15, 2020, Ripple Therapeutics Corporation, a clinical-stage, ophthalmology-focused developer of novel therapeutics, announced the signing of an exclusive licensing agreement for the rights to their lead product, IBE-814, for North America and Europe with Théa Open Innovation (TOI), a wholly owned subsidiary of Laboratoires Théa, the leading independent ophthalmology pharmaceutical company in Europe. In addition to the licensing agreement, Ripple announced that TOI is leading their Series A financing. Wilson Sonsini Goodrich & Rosati is advising Ripple Therapeutics Corporation on both transactions.
Ripple's Epidel® technology platform is founded on a discovery that drugs can be engineered into controlled-release pharmaceuticals without the use of polymers or excipients. The proprietary prodrugs have unique properties that allow them to be processed into standalone drug delivery implants (e.g., intravitreal implants and micro/nanoparticles) or as coatings on medical devices. Ripple's lead program—IBE-814 IVT—is an intravitreal dexamethasone prodrug implant targeting diabetic macular edema (DME) and retinal vein occlusion (RVO). RIPPLE-1, a Phase II trial evaluating IBE-814 IVT, has been initiated in Australia and New Zealand, with the first patient treatment expected in early 2021.
The licensing deal with TOI includes a significant upfront payment, sizeable clinical and regulatory milestones, and double-digit royalties. As part of the licensing agreement, TOI will also manage and finance the Phase III pivotal trials for IBE-814 IVT. The Series A financing is being led by TOI with participation by existing investor Business Development Bank of Canada and management, with an initial tranche of $14.8 million that closed on December 10. Ripple is looking to raise an additional $7.2 million in a second tranche that is planned to close in March 2021. These additional funds will support investment in pipeline opportunities and continued technology platform development.
The Wilson Sonsini team advising Ripple includes Ian Edvalson, Gregory Mitchell, and Elton Satusky.
Please see Ripple Therapeutics’ press release for more information.