Palvella Therapeutics Announces $10 Million in Funding from Ligand Pharmaceuticals to Accelerate PTX-022 through Phase 2/3 Clinical Study in Pachyonychia Congenita
December 18, 2018
– Fast Track-Designated Program Commencing Phase 2/3 Study in Q1 2019 –
Wayne, PA – December 18, 2018 – Palvella Therapeutics, Inc., a rare disease biopharmaceutical company focused on developing and commercializing pathogenetically targeted therapies for debilitating genetic diseases with no approved treatments, today announced that the company has entered into a development funding and royalties agreement with Ligand Pharmaceuticals, Inc. (NASDAQ: LGND) to advance Palvella’s lead product candidate PTX-022 (QTORIN™ rapamycin formulation) for the treatment of pachyonychia congenita (PC). Under the terms of the agreement, Palvella will receive $10 million from Ligand in exchange for milestones and a tiered single-digit royalty on future sales of PTX-022. As part of the agreement, Palvella will continue to have responsibility for all clinical development, regulatory, manufacturing, marketing and other commercialization activities on a worldwide basis.
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