Saddle Brook, NJ-based Intranasal Therapeutics has changed its name to Ikano Therapeutics and closed a second and final $9 million tranche in its Series B round.
The close followed Ikano's announcement late last year that it had completed a successful End-of-Phase II meeting with the FDA that would allow its midazolam nasal product, ITI-111, to begin Phase III trials for control of intermittent bouts of increased seizure activity in patients with epilepsy within the next few months. As ITI-111 moves forward, Ikano is pursuing discussions with potential commercialization partners.
"ITI has refocused its corporate strategy from a narrow concentration on intranasally delivered medicines to a more diversified emphasis on high-impact specialty therapeutic products," says CEO Peter Young. "The name "Ikano" is drawn loosely from the Greek for "enable" and aligns with our goal of applying our specialty pharmaceutical development expertise in areas where we can provide well differentiated, high value products that improve patient care in meaningful ways, rather than limiting ourselves to being a nasal delivery platform company."
- check out the press release