InhaleRx has entered into a loan agreement with Clendon Biotech Capital (CBC) to fund Phase 1 and 2 clinical development of its cannabinoid drug candidates IRX-211 and IRX-616a.
The deal provides InhaleRx with up to A$38.5 million in funding, which it said should enable it to reach the Phase 3 “pivotal stage” for both candidates within the next two-to-three years. The arrangement allows for the drawdown of funding as eligible expenditure is incurred.
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