In the latest installment of the Purdue Pharma saga and the opioid epidemic, the heavily sanctioned pharmaceutical company is shelling out a bit more money – but not that much compared to the multibillion-dollar settlement it is in reached. This time it’s for $11 million – and the money is going to a small biotech for an opioid overdose treatment drug.
The pharmaceutical company recently announced the latest development from tiny biotech Harm Reduction Therapeutics (HRT), a 501c3 non-profit organization founded in 2017. The company’s only goal is to get an over-the-counter nasal spray for naloxone approved and available commercially over-the-counter at a significantly lower retail cost,” compared to other naloxone products on the market.
This isn’t the first time the opioid giant has poured money into biotech. According to Purdue, the company has been providing the tiny, super-quiet biotech financial aid, access to data and technical expertise since 2018. One of the most recent funding rounds was in June 2020, when Purdue invested 6, $5 million in the company with a bankruptcy court. Approval of Justice Robert Drain. Drain also approved Purdue’s latest investment in Harm Reduction Therapeutics, which will be paid in three installments, subject to certain milestones.
“At HRT, we are driven by a commitment to help prevent opioid overdose deaths by working to make naloxone accessible to everyone,” said Michael Hufford, co-founder and CEO of Harm Reduction Therapeutics. “We continue to advance the development of over-the-counter naloxone nasal spray to help communities across the country impacted by the opioid crisis. »
Lawyers for Purdue said in a motion earlier this month that HRT was preparing to file an NDA with the FDA for its nasal spray version of naloxone before the end of the year because the company had completed successfully completed a clinical trial earlier this year. This trial was a redesigned trial because the original clinical trial did not meet its primary endpoint. Although the query did not state what specifically went wrong with the trial (only citing potential issues with administration procedures and protocols), the query did state that it led to a redesigned study, which was completed in January.
And under an earlier agreement that Purdue agreed to, “Purdue nor any of its creditors will receive any revenue, royalties or profits associated with potential future sales of HRT’s over-the-counter naloxone nasal spray.”