GRIN lands $570M Angelini deal, raises $140M

In a significant strategic move, GRIN Therapeutics has successfully raised $140 million through a Series D funding round while simultaneously securing a lucrative licensing arrangement with Angelini Pharma from Italy. This dual development centers around radiprodil, GRIN's investigational treatment for GRIN-related neurodevelopmental disorder (GRIN-NDD). This disorder encompasses a range of conditions, including childhood-onset epilepsy, developmental delays, movement abnormalities, and characteristics of autism spectrum disorder.

Angelini Pharma's commitment includes $115 million in immediate funding, consisting of $65 million in equity investment and $50 million upfront for exclusive commercialization rights outside of North America. Additionally, Angelini may be liable for up to $520 million in potential development, regulatory, and sales milestones, along with royalties and any future sublicense payments from territories outside Europe. While GRIN will share certain clinical development expenses with Angelini, it retains development leadership and North American rights for radiprodil.

Radiprodil operates by targeting the GluN2B subunit of NMDA receptors and has obtained various regulatory designations. Notably, the FDA has granted it breakthrough therapy status for managing GRIN-NDD seizures in patients with gain-of-function variants. The drug also holds orphan drug designation in the United States and has received priority medicines designation from the European Medicines Agency.

Jacopo Andreose, CEO of Angelini, expressed optimism about radiprodil's potential, stating, "We see radiprodil as an opportunity to address the substantial unmet medical need of people living with GRIN-NDD and potentially other rare pediatric neurological diseases."

The recent funding infusion will enable GRIN to initiate a Phase III clinical trial in the third quarter. Last year, the company reported promising topline results from a Phase Ib/IIa study, where patients experienced a median 86% reduction in seizure frequency. GRIN is also investigating radiprodil in other conditions, such as tuberous sclerosis complex and focal cortical dysplasia, through an ongoing Phase Ib/IIa trial.

This development marks a significant advancement for the New York-based epilepsy biotech firm, which operates as an affiliate of Neurvati Neurosciences. Neurvati is a neuroscience development platform supported by Blackstone Life Sciences, which also participated in the Series D funding round with a contribution of $75 million.

Through these transactions, GRIN Therapeutics aims to solidify its position in the realm of neurological treatments, particularly for rare pediatric conditions. The partnership with Angelini Pharma not only provides financial backing but also the opportunity to expand the reach of radiprodil beyond North America, potentially transforming the treatment landscape for individuals affected by GRIN-NDD and related disorders. The collaborative effort underscores the growing interest and investment in developing innovative therapies for complex neurological conditions, highlighting the industry's dedication to addressing unmet medical needs within this specialized field.