Inspiration Biopharmaceuticals Files for Chapter 11
10/31/2012 6:28:13 AM
Assets to Be Sold Comprise Basis for a Global Hemophilia Business Ipsen to Provide DIP Financing through the Sale Process
Inspiration Biopharmaceuticals, Inc. (Inspiration), a biopharmaceutical company dedicated solely to the development of products for hemophilia, today announced that it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Inspiration is seeking a strategic buyer through a formal sale process. Inspiration and Ipsen have jointly chosen an investment banker to lead the sale process, and Inspiration is currently negotiating the terms of the engagement.
Ipsen has agreed to provide Debtor-in-Possession (DIP) financing to Inspiration to fund Inspiration’s operations through the sale process. Ipsen will also include their commercialization rights to Inspiration’s products, received from Inspiration in a transaction completed on August 21, 2012, and its OBI-1 manufacturing facility based in Milford MA as part of the assets offered for sale.
Inspiration’s lead assets are IB1001, a recombinant factor IX in development for the treatment of hemophilia B, and OBI-1, a recombinant porcine factor VIII in development for congenital hemophilia A with inhibitors and acquired hemophilia A. Marketing applications for IB1001 are currently under review by the US Food and Drug Administration and the European Medicines Agency and pivotal clinical trials for OBI-1 are underway, with the first trial in acquired hemophilia approaching enrolment completion. If approved, these products will compete in markets currently valued at over $2.5 billion. Inspiration also has a portfolio of pre-clinical and research programs on recombinant coagulation factors. The successful bidder in the auction process will acquire global rights to IB1001 and OBI-1, Inspiration’s preclinical portfolio, the manufacturing facility for OBI-1 located in Milford, Massachusetts, and a team of professionals with deep experience in developing and commercializing products in hemophilia and other orphan diseases.
“Inspiration was founded by families that want to bring important new treatment options to patients with hemophilia,” said John P. Butler, Chief Executive Officer of Inspiration “The process we are entering into today will allow that vision to become a reality. We are looking for a strong, committed partner to help bring these promising therapies to people with hemophilia around the globe.”
About Inspiration Biopharmaceuticals
As the only biopharmaceutical company dedicated solely to hemophilia, Inspiration is committed to improving the care of people with this condition by broadening treatment choices, expanding global access to care and advancing innovative therapies. Founded by two families whose sons have hemophilia, Inspiration is inspired to make a difference in the lives of people impacted by hemophilia around the world. Inspiration's lead product candidates are IB1001, an investigational intravenous recombinant factor IX being developed for the treatment of hemophilia B, and OBI-1, an investigational recombinant porcine factor VIII being developed for the treatment of serious bleeds in patients with congenital hemophilia A with inhibitors or acquired hemophilia A.
For more information about Inspiration Biopharmaceuticals, please visit www.inspirationbio.com.
Inspiration Biopharmaceuticals, Inc.
Michel Dahan, +1-617-588-1807
VP Commercial Development & Strategic Planning