Mast Therapeutics Inc (NYSEMKT:MSTX) subsidiary firm Aires Pharmaceuticals, Inc., has finalized a collaborative deal with Philips Respironics, Inc. This deal is pertaining to the supply of Philips’ I-neb® AAD™ devices and linked consumables for the nebulized distribution of the firm’s lead candidate, ‘AIR001’. It is a portable, small, and almost silent vibrating mesh know-how nebulizer system advanced to deliver more definite, reproducible dosages of medication faster than traditional ultrasonic or jet nebulizers.
The experts speak
Brian M. Culley, the CEO of Mast, said that as they reported last month, they are accelerating initiatives pertaining to AIR001 plan. It is in with support for underway, investigator-sponsored Phase II clinical trials of AIR001 being performed at three separate renowned research institutions. The company is delighted to be associated with Philips, a recognized worldwide leader in the advancement of aerosol delivery devices. It is also a major provider of unique solutions for the worldwide respiratory market.
The deal has been extended to cover not only 2 of the Phase II trials of AIR001 presently underway, but also upcoming clinical studies. It will remain intact until 2020 or sooner, if substituted with a commercial supply deal.
In last week of September, Mast Therapeutics reported that firm’s investment securities, cash and cash equivalents were $30.3 million at end of August 2016. The firm will focus on clinical advancement of AIR001 for the cure of heart failure with HFpEF. Specifically, this year and in FY2017, the firm will continue to support 3 underway investigator-sponsored Phase II clinical trials of AIR001 being performed at prominent research institutions.
Mast has commenced to close its vepoloxamer plans in heart failure and sickle cell disease and projects those activities to be closed in 4Q2016. While furthering the advancement of AIR001 through the underway Phase II clinical trials, the firm is planning to launch a procedure to assess partnership prospects for its assets.
The company projected that its operating expenses for FY2017 will come in between $9 million and $10 million, discounting share-based compensation outlay. This predicted level of spend highlights a reduction of around 70% from projected operating expenses for FY2016 of nearly $32 million to $34 million, discounting share-based compensation cost.