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Medimetriks Pharmaceuticals Focuses on Advancing MM36 (difamilast) Through Phase 3 Trials; Extinguishes Debt Owed to Knight Therapeutics
FAIRFIELD, N.J., June 18, 2019 /PRNewswire/ -- Medimetriks Pharmaceuticals, Inc. today announced that the Company is in discussions for various financing options to advance MM36 (difamilast) through phase 3 pivotal trials and potential FDA approval. As part of this process, the Company extinguished the final debt owed Knight Therapeutics and is now free of third party debt. MM36 is the Company's phase 3-ready asset targeting the treatment of mild to moderate atopic dermatitis (AD).
"We believe that MM36 may be an important new treatment for patients suffering from mild to moderate atopic dermatitis, a chronic, inflammatory disease that impacts the lives of more than 18 million people in the United States," stated Bradley Glassman, Chairman & Chief Executive Officer of Medimetriks. "We are very appreciative of the financial support Knight Therapeutics provided to help acquire the MM36 license and advance its development. We are focused on obtaining the financing necessary to complete the development of MM36, while gaining additional traction with our solid medical dermatology business."
Medimetriks has exclusive US rights to develop and commercialize MM36. Discovered by Otsuka Pharmaceutical, MM36 is non-steroidal topical anti-inflammatory PDE4 inhibitor in development for the potential treatment of AD. MM36 is believed to exert anti-inflammatory action by inhibiting the production of cytokines and chemical mediators thought to cause the signs and symptoms of AD. In particular, MM36 exhibits highly selective inhibitory activity against PDE4 subtypes, particularly sub-type B, which is widely understood to play a significant role in inflammation. In Phase 2 studies MM36 has been shown to be safe, well-tolerated and provide rapid and sustained itch relief when applied twice daily to AD patients aged two years and older.
About Atopic Dermatitis
Atopic dermatitis (AD) is a chronic inflammatory skin condition characterized by red, swollen and cracked skin with intense itching. The onset of AD occurs most commonly between 3 and 6 months of age, with approximately 60% of patients developing the condition in the first year of life and 90% by 5 years of age. The majority of affected individuals have resolution of disease during childhood, although 10% to 30% of patients maintain the condition throughout their lives. A small percentage of the population develops first symptoms as adults. It has been estimated that as much as 8% of the U.S. population are living with AD and this disease accounts for up to 20% of patient visits to dermatology offices.
About Knight Therapeutics
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gudknight.com or www.sedar.com.
About Medimetriks Pharmaceuticals, Inc.
Medimetriks Pharmaceuticals, Inc. is a leading independent branded Dermatology company with integrated development capabilities and robust commercial operations. The company is dedicated to addressing unmet skin care needs through the development, licensing and commercialization of innovative prescription brands that advance patient care.
For more information, please visit: www.medimetriks.com
Contact: David Addis
Senior Vice President
Medimetriks Pharmaceuticals, Inc.
(973) 882-7512, ext. 569
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SOURCE Medimetriks Pharmaceuticals, Inc.