Inspiration receives $50M from Ipsen on trial start

Inspiration Biopharmaceuticals Inc. (Laguna Niguel, Calif.) received a $50 million milestone payment from partner Ipsen Group (Euronext:IPN) after starting the first of two Phase III trials of hemophilia candidate OBI-1. In exchange, Inspiration issued Ipsen a note, which is convertible into series C stock, bringing Ipsen's ownership in Inspiration to 34% on a fully diluted basis. In January, Inspiration received exclusive, worldwide rights to the recombinant porcine Factor VIII (FVIII) under a deal that gives Ipsen the ability to acquire Inspiration in increments triggered by milestones. ...