IRLAB Therapeutics - MSRD agreement early validation for IRL757

The McQuade Center for Strategic Research and Development (MSRD) has signed an exclusive R&D collaboration for Irlab's pre-clinical candidate IRL757, following recent clearance by Swedish authorities to start clinical trials. This positive development provides early validation of IRLAB's pre-clinical pipeline, in our view, and potential upside to our valuation provided there is clinical progress. Under the collaboration, MSRD will fund IRL757's clinical development to proof-of-concept (PoC) in addition to paying Irlab US$3m in upfront payments and up to US$5.5m in development milestones. Note that the agreement excludes the upcoming Phase I study (patient enrollment to commence in Q224), which will be funded by the US$2m grant received from the Michael J. Fox Foundation (MJFF) in December 2023. IRL757 is being developed as a treatment for apathy, a common symptom in neurological conditions such as Parkinson's and Alzheimer's disease, with no available treatment options.

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