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IRLAB Therapeutics has announced that it will receive a $2.5m milestone payment from the McQuade Center for Strategic Research and Development (MSRD), prompted by the dosing of the first participant in a second Phase I trial for IRL757, which is being developed for apathy. The aim of this study is to assess the pharmacokinetics (PK), safety and tolerability of single ascending oral doses of IRL757 in healthy older adults (>65 years) and it is expected to conclude in late-Q424. The first Phase I study assessing IRL757 in younger subjects is ongoing. It is financed by the Michael J Fox Foundation (MJFF) and is anticipated to be completed by end-2024. As part of the MSRD agreement, IRLAB has received $3m as an up-front payment and we believe the company is eligible for a further $3m in development milestones, following this new $2.5m payment. MSRD could also expand the collaboration, subject to negotiations.
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