Klaria provides operational and financial update, secures non-dilutive financing
Today, Klaria announces continued operational progress with the lead program, Sumatriptan Alginate Film (KL-00119). In the KL-00119 program, manufacturing work has been initiated and Klaria anticipates that the second half of the SEK 21 million grant (ca. 10,5MSEK) from the EU under the Horizon 2020 program to support the development of KL-00119 will be received in Q4, 2019. Klaria also expects to receive a milestone payment from Purdue/Mundipharma under the Epinephrine Alginate Film (KL-01401) program in the second half of 2019. To secure the cash position of the company until the receipt of these two payments, Klaria has secured non-dilutive financing in the form of a SEK 15 million credit line.
The Sumatriptan Alginate Film (KL-00119) program has made significant progress to date in 2019 and the manufacturing of clinical supply has been initiated. According to previously announced timelines, the human clinical trial will conclude in 2020. In addition, Klaria has successfully completed the international patent filing process in order to protect KL-00119 in all of the major markets: USA, EU, Canada, China, Japan, Korea, Australia, New Zealand, Brazil, Mexico, Israel, India and Russia.
Scott Boyer, Klaria Pharma’s CEO said: “Our lead program, KL-00119 is advancing towards registration. Based on our previous clinical data, KL-00119 has the potential to address significant unmet medical needs in migraine treatment. In fact, based on the target product profile (TPP) of our drug and the current market, we project global peak sales for this asset to exceed 300 MUSD/year. We also reiterate our timeline of approval of KL-00119 in 2022 in both the EU and the US.”
Klaria has also today made public a presentation on its home page that provides more details on the current unmet medical need in migraine, the Sumatriptan Alginate Film market opportunity and the positioning of the asset KL-00119 in the global migraine market. The presentation can be reached directly via this link.
Scott Boyer continued “We are also happy to announce that we have secured non-dilutive financing which will take us comfortably though 2019, a year which will see us reach key value-inflection points in both our lead programs. We thank our new investors for their support.” The non-dilutive financing is in the form of a SEK 15 million loan which has been made available by a Swedish investor consortium.
For more information, visit the Klaria Pharma Holding website klaria.com or contact:
Scott Boyer, CEO Klaria Pharma Holding AB (publ)
Tel: +46 8-446 42 99 / +46 730-71 64 62
This is Klaria Pharma Holding AB
Klaria (Klaria Pharma Holding AB) is a Swedish listed pharmaceutical company that develops innovative, rapid-acting products. By combining patented technology of a film that attaches to the oral mucosa and well proven pharmaceuticals, the company has developed a drug distribution concept with many benefits and potential uses. Klaria is listed on Nasdaq First North under the short name KLAR. FNCA Sweden is Certified Advisor (email@example.com, +46(0) 8-528 00 399) for Klaria Pharma Holding AB. For more information, see www.klaria.com.