Engaged in advancing innovative solutions for large-scale market applications
Tel Aviv, Israel, July 18, 2022 (GLOBE NEWSWIRE) — Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies, and electric vehicle and charging solutions, announced today that Polyrizon Ltd. (“Polyrizon”), an Israeli biotech company that specializes in innovative intranasal products in which Medigus owns 37.03%, signed a binding Collaboration Agreement with NurExone Biologic Inc. (TSXV: NRX), a biopharmaceutical company developing biologically-guided exosome therapy for patients with traumatic spinal cord injuries (“NurExone”).
Under the Collaboration Agreement, Polyrizon will use its advanced Trap and Target™ platform to develop formulations, conduct analytical development and produce technical batches of a tailored intranasal delivery system. The intranasal system is being designed for efficient delivery of Nurexone’s ExoTherapy to patients with traumatic spinal cord injuries (SCI) and may also be relevant to other indications through intranasal exosome delivery.
NurExone develops unique and proprietary exosomes (a nano scale extracellular vesicle) as biologically-guided nanocarriers, called ExoTherapy, to deliver specialized molecules to targeted areas. The delivered molecules promote an environment that induces a healing process at the target location. For SCI, NurExone will use modified siRNA sequences as the delivered therapeutic molecules.
Under the Collaboration Agreement, NurExone will cover the costs of the formulation development in an estimated amount of USD 220,000 in 3 installments upon development success and expects to be able to perform a biological efficacy study of the intranasal system within 3 quarters.
NurExone shall pay development fees to Polyrizon of up to a total of $3,350,000 upon completion of certain milestones, including the payment of an aggregate of US $500,000 upon successful completion of a Phase 2 clinical trial. Moreover, NurExone shall pay royalties based on any product sales resulting from the Collaboration Agreement. In advance stages of the collaboration, Polyrizon may assist NurExone with regulatory submissions for the United States and Europe.
Manufacturing and marketing rights for formulations under the Collaboration Agreement are exclusive to NurExone.