Tarsus Pharmaceuticals Inc. yesterday announced its acquisition of Palo Alto-based iRenix Medical Inc. and its late-stage ocular antiseptic candidate, IRX-101, for $75 million.
IRX-101 has the potential to improve the standard of care by reducing post-procedural pain and corneal toxicity in patients receiving intravitreal therapy, according to Tarsus. It most recently went through a Phase 2b/3 study.
“With XDEMVY, we demonstrated the importance of meaningful innovation in areas of eye care that had previously been overlooked despite their significant impact on patients,” Chief Executive Bobak “Bobby” Azamian said in a statement. “We believe IRX-101 has the potential to do the same for patients with retinal disease who rely on repeated procedures to preserve their vision.”
Shares in Tarsus fell 7.5% to $62.65 and a $2.7 billion market cap (Nasdaq: TARS).
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