Malvern-based Galera Therapeutics recently triggered a $37.5 million payment by completing enrollment for a late-stage study of Avasopasem. John George reported on the new drug candidate’s progress for the Philadelphia Business Journal.
Funds managed by Blackstone Life Sciences enabled the payment to the biopharmaceutical company, under their agreement. The news sent Galera’s stock up more than six percent.
The company enrolled 455 people in Phase-3 clinical trial for Avasopasem. The testing will confirm effectiveness in treating severe oral mucositis. The condition is a side effect of radiation therapy in patients with locally advanced head and neck cancer.
“Radiation oncologists describe severe oral mucositis — which can lead to the inability to eat and drink, in addition to causing severe pain — as the most burdensome toxicity patients can face,” said Dr. Mel Sorensen, Galera CEO.
Currently, there is no approved product to treat it.
Galera expects to report the results of its study in the second half of the year.
The FDA granted Avasopasem Fast Track and Breakthrough Therapy designations that assist Galera in speedily but responsibly developing and reviewing the drug candidate.
Read more about Galera Therapeutics in the Philadelphia Business Journal.