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Kiora Pharmaceuticals (NASDAQ:KPRX) shares soared 135% in post-market trading Wednesday after the biotech company announced a deal with Thea Open Innovation to commercialize its ophthalmology drug KIO-301 for the treatment of inherited retinal diseases.
Under the deal, Kiora granted Thea exclusive rights to develop and commercialize KIO-301 for markets worldwide, excluding Asia. In exchange, Kiora will receive $16M upfront, up to $285M in milestone payments and tiered royalties of up to the low 20% range on net sales. Thea will also reimburse Kiora for R&D expenses.
Thea Open Innovation is a sibling company of French ophthalmology products provider Laboratoires Thea.
Kiora said it plans to start a Phase 2 study of the product in the treatment of retinitis pigmentosa in early 2024, with results potentially available in the first half of 2025. Kiora will be responsible for clinical development through Phase 2, with Thea assuming primary responsibility thereafter.