acquired Eli Lilly
’s clinical-stage mAb called IC14
to develop the molecule as a treatment for acute lung injury
. Lilly received a combining of cash and stock and will earn a royalty.
Implicit intends to initiate Phase II development this year and recently completed a capital round in which its shareholders added AU$6 million, or $3.9 million, to its cash balance.
“We seek to mitigate product risk through acquiring clinical-stage programs with proven safety and defined opportunities in immunological indications,” explains Garry Redlich, Implicit CEO. “We further mitigate risk by seeking nondilutive third-party funding to support a portion of our development expense.”
Lilly obtained IC14 through its $2.3 billion takeover of Icos. Icos had been investigating the drug in severe sepsis.
Johnson and Johnson, The Scripps Research Institute, The Rockefeller University, and Lilly are parties to a separate agreement with Implicit, which governs the payment to them by Implicit of milestones and royalties on IC14 development and commercialization.