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Investing.com -- Painreform Ltd (NASDAQ:PRFX) stock fell 11% following the company’s announcement of a strategic investment agreement with LayerBio Inc., a privately held Boston biotechnology company.
Under the agreement, Painreform will receive a majority equity stake in LayerBio and a majority position on LayerBio’s board in exchange for an investment of up to $3 million, contingent on milestone achievements. The company will make an initial investment of $600,000 upon closing, with the remainder provided in tranches as development milestones are reached.
The transaction represents Painreform’s strategic expansion into ophthalmology, adding a new drug delivery platform to its specialty pharma, non-opiate pain management pipeline. LayerBio’s lead product candidate, OcuRing-K, is a sustained-release intraocular ring designed to deliver anti-inflammatory and analgesic agents following cataract procedures.
Dr. Ehud Geller, Chairman and interim CEO of Painreform, stated, "This agreement reflects our plans to broaden PainReform’s non-opiate pain management pipeline through innovative technologies in high-need surgical markets."
The investment proceeds will fund a planned Phase II clinical trial of OcuRing-K under an FDA approved protocol. LayerBio’s management, led by CEO Dr. Ken Mandell, will continue to lead product development and operations, with strategic oversight from Painreform.
The transaction is expected to close by the end of July 2025, subject to customary closing conditions.
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