InhaleRx Ltd (ASX: IRX) has announced the successful completion of its first drawdown of $247,500 under its $38.5 million funding facility with Clendon Biotech Capital Pty Ltd. This funding is a component of the strategic partnership established in October 2024 and is earmarked for the commencement of Phase 2 clinical trials for IRX-211 (Breakthrough Cancer Pain) and IRX-616a (Panic Disorder). The initial funds will be allocated to the batch manufacturing and stability testing of the trial drugs for IRX-211, with GMP partner Ab Initio Pharma in Sydney undertaking the manufacturing work.
The company aims to achieve ‘First Patient First Dose’ in Q3 2025 for IRX-211, a non-opioid inhaled treatment designed to provide rapid-onset relief for Breakthrough Cancer Pain (BTcP). CEO Darry Davies highlighted the significance of the Clendon partnership, emphasizing its non-dilutive structure and its capacity to fully fund the clinical development program for both IRX-211 and IRX-616a through to the completion of Phase 2 clinical trials, including all necessary non-clinical toxicology studies.
The $38.5 million facility is structured around project milestones, reflecting a commitment to delivering both short-term and long-term value to shareholders while advancing InhaleRx’s ambition to establish itself as a global leader in inhaled therapies for pain and mental health. The company’s strategic focus is on obtaining U.S. FDA approval via the 505(b)(2) pathway, leveraging the economic opportunities presented by IRX-211 and IRX-616a in addressing critical gaps in the treatment of BTcP and Panic Disorder.
The Board views this partnership as pivotal and believes that IRX-211 has the potential to transform the treatment landscape for cancer pain.
