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Investing.com -- Redwire Corporation (NYSE:RDW) stock rose 7% after the space technology company announced the formation of a new venture called SpaceMD focused on growing pharmaceutical seed crystals in orbit.
The new entity will leverage Redwire’s Pharmaceutical (TADAWUL:2070) In-Space Laboratory (PIL-BOX) technology to take advantage of the microgravity environment in space. According to the company, 28 PIL-BOX systems have already flown in space and successfully crystallized 17 compounds on the International Space Station, including insulin and other critical molecules.
SpaceMD also announced a licensing agreement with ExesaLibero Pharma, which will use the PIL-BOX system to advance its small-molecule drug ELP-004, a compound that could potentially control bone erosion caused by diseases such as rheumatoid arthritis and multiple myeloma. Under the agreement, SpaceMD will receive royalties from any commercial sales of resulting pharmaceutical products.
"Redwire is excited to announce the formation of SpaceMD. This new entity represents the evolution of our PIL-BOX strategy, moving from experimentation to full commercialization with significant upstream revenue potential," said Peter Cannito, Chairman and CEO of Redwire.
Redwire describes itself as a global leader in microgravity research with eleven research and manufacturing facilities on the ISS. The company has previously conducted investigations with partners including Bristol Myers (NYSE:BMY) Squibb and Eli Lilly and Company (NYSE:LLY).
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