Grand Rapids, MI-based Tetra Discovery Partners Inc., as reported by Crain’s Detroit Business, has inked a deal with Japan-based Shionogi & Co. Ltd. Shionogi will provide $5 million in an upfront license agreement in addition to an equity investment of $35 million. If Tetra meets certain development milestone then another $120 million plus royalties will be available.
Tetra will utilize the funds to complete two FDA Phase 2 clinical trials focused on BPN14770, which is a phosphodiesterase-4D allosteric inhibitor. These planned Phase 2 studies will evaluate the efficacy of this investigational treatment on Fragile X Syndrome Alzheimer’s disease. The investigational treatment could also at some point be tested to determine if it can treat other memory or cognitive deficits such as dementias. The 30-patient Phase 2 Fragile X trial has commenced with the 255 patient trial one early stage Alzheimer’s patients to being April 2019. According to Crain’s, no agreements are signed as of yet but they plan on testing in Grand Rapids including other sites. Both private and academic research sites are being approached by Tetra.
Approximately 30,000 are afflicted with Fragile X, a genetic condition that causes a range of development problems and mild to moderate intellectual disabilities. Crain’s reports that Tetra would seek an IPO in the Fall of 2020 with a target capital raise of $150 million.