Immune Pharmaceuticals Inc (NASDAQ:IMNP) has announced that signing of a consulting agreement, with Joseph V. Pergolizzi Jr. MD, for its neurology subsidiary Maxim Pharmaceuticals. As per the agreement, Dr. Pergolizzi would be responsible for the formation of an operational management team, a board of directors and a scientific advisory board, for the subsidiary. The company has stated that the developments are aimed towards further advancing Amiket line of neurological pain management products. IMNP expects to obtain a 505(b)(2) development path for these products, where possible.
Upon his appointment, Dr. Pergolizzi pointed out that the treatment of peripheral neuropathic pain is a significant unmet medical need. He was of the view that Amiket would be able to match the efficacy of oral indications, despite being a topical drug, making it convenient and safe. The consultant also requested for the complete support from IMNP’s CEO, Dr. Daniel Teper, so as to bring a world class management team to Maxim, that have experience in the development and commercialization of neurology drugs.
It is important to note here that Dr. Pergolizzi is the co-founder and COO of NEMA Research and the president of Naples Anesthesia. In addition to this, he has previously held the post of CMO at several pharmaceutical companies. Moreover, his research interests include pain management in adults, particularly the elderly. Amiket, on the other hand, has completed the phase-2 clinical trials and demonstrated a comparable efficacy against oral gabapentin. The study was conducted over a population of 1,000 patients.
Although the drug had originally been development by Immune Pharmaceuticals, it had been transferred to Maxim for an equity position, valued at $15 million. Added to this, IMNP is to receive payments on the achievement of certain milestones, totaling up to $145 million and royalties from future sales. It is also expected that Amiket would be eligible to receive extended patent exclusivity, adding to the value of the company.
Immune Pharmaceuticals Inc (NASDAQ:IMNP) did not record an overall change in its share value, during the October 19 trading session, despite having a trade volume of 1.8 million, to close at $0.24 per share.