Incline is developing an investigational product candidate intended to provide patient-controlled analgesia for adult inpatients requiring opioids following surgery, called IONSYS (fentanyl iontophoretic transdermal system).
IONSYS is a compact, needle-free, self-contained, pre-programmed system designed to be applied to the skin on the upper arm or chest and activated by patients double clicking a button on the system. A generally imperceptible electrical current then actively delivers a small dose of the short-acting opioid analgesic fentanyl directly through the skin and into the systemic circulation.
As per the terms of the option agreement, Cadence is expected to pay Incline a $3.5m upfront option fee and a second $3.5m fee upon the commencement of the second option period if Cadence has not yet exercised its option to acquire Incline.
Ted Schroeder, president and CEO of Cadence, said: “We believe that this agreement provides Cadence with the opportunity to build our pipeline and strengthen our franchise in the hospital market, while effectively managing our cash.
“This transaction is consistent with our strategy to focus on products for use in the hospital that we believe have a clear clinical and regulatory path to approval.
“If approved, we believe that IONSYS is expected to represent a commercial opportunity and be a fit with our Ofirmev (acetaminophen) injection product candidate in the post-surgical setting.”