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Spectral Medical Inc. ("Spectral" or the "Company") (TSX:EDT), a late-stage theranostic company advancing therapeutic options for sepsis and septic shock, is pleased to announce an extension to its supply and distribution agreement (the "Amended Agreement") with Baxter Healthcare Corporation, a subsidiary of Baxter International Inc. ("Baxter") (NYSE:BAX), originally entered into in February 2020.
Spectral is a Phase 3 company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin™ ("PMX"). PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream and is guided by Spectral's Endotoxin Activity Assay (EAA™), the only diagnostic currently cleared by U.S. FDA for the risk of developing sepsis.
Under the terms of the Amended Agreement, Baxter's exclusive rights to supply and distribute PMX products will be in effect for ten (10) years following the date that the U.S. FDA marketing authorization for PMX products in the United States is obtained. Upon Baxter International Inc.'s previously announced planned separation of its Kidney Care business (or any other separation of all or part of such Kidney Care business) into an independent company, the rights and obligations under the Amended Agreement will be assigned or otherwise transferred by Baxter to the new Kidney Care company.
"Baxter's continued commitment to Spectral as our exclusive supply and distribution partner being extended for a ten-year period upon U.S. FDA approval provides us with great confidence in our commercialization path," said Chris Seto, CEO of Spectral Medical. "We are grateful and appreciative to the Baxter Acute Therapies team for the partnership through their investments in Spectral and their continued level of enthusiasm and hands-on involvement in planning for a successful launch of our PMX products into ICUs across the United States."
"We are encouraged by Spectral's evidence generation strategy for PMX, and our teams are fully engaged in support of our shared goal: reaching more critically ill patients with clinically effective and differentiated therapies," said Gavin Campbell, President, Acute Therapies - Baxter. He added: "The commercialization of advanced blood filtration therapies like PMX is a strategic priority for Baxter Acute Therapies."
Baxter Milestone Payment to Spectral
Under the terms of the Amended Agreement, once 90 patients were enrolled in Spectral's PMX-focused Tigris Trial, Baxter had the option to make a milestone payment to Spectral to maintain its exclusive distribution rights for PMX products in the United States and Canada.
On February 15, 2024, Spectral announced that it had reached the 90-patient enrollment threshold and provided written notification to Baxter of this achievement. Subsequently, Baxter exercised its option to maintain exclusive distribution rights.
Posted In: BAX
