Delenex Therapeutics AG aims to open the mild to moderate psoriasis space to biologics, betting that its topical formulation of an anti-TNF mAb will provide a safer alternative to steroids in this large market.

Systemically delivered anti-TNF alpha mAbs are effective for psoriasis. However, their use is typically restricted to more severe disease because of rare but potentially serious side effects. Anti-TNFs have black box warnings for an increased risk of serious infections and malignancies.