Seelos Therapeutics Inc (NASDAQ: SEEL) has amended the agreement with Vyera Pharmaceuticals AG, announced in March 2018, to develop SLS-002 to repurchase a significant portion of the royalties payable on any future net sales of SLS-002.
As additional consideration under the prior agreement, Seelos has agreed to pay a mid-teens percentage royalty on any future net sales of SLS-002. Under this amendment, for other cash payments, Seelos will repurchase 9% of the future royalties and reduce its royalty obligations to a mid-single-digit percentage on any future net sales of SLS-002.
Seelos has started dosing 90mg of SLS-002 in Part A of its Proof-of-Concept study in 16 patients who are imminently suicidal. Part A of the Proof-of-Concept study precedes Part B, which is a registrational double-blind placebo-controlled trial.
SLS-002 is intranasal racemic ketamine with two investigational new drug applications to treat acute suicidal ideation and behavior in major depressive disorder or post-traumatic stress disorder.
Price Action: SEEL gained 2.6% at $3.95 in premarket trading on the last check Thursday.
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