StickIt Technologies Inc. Announces a ground-breaking new development of a

Highlights:

• Secured Funding: InhaleRx has secured a funding facility of up to $38.5 million from Clendon Biotech Capital to fully cover the clinical trial costs, including the associated non-clinical work and trial drug manufacturing costs for the IRX-211 and IRX-616a drug development plans through to the completion of Phase 2 clinical trials.
• Clinical Progress: This funding will enable InhaleRx to move forward with its clinical development plans for IRX211 and IRX616a, including non-clinical data. It will also enable IRX to address the requirements of the US Food & Drug Administration (‘FDA’) relevant to its recent IRX-616a Investigational New Drug (‘IND’) application.
• Focus on Transformational Therapeutics: With this strategic support, InhaleRx is well positioned to accelerate the development of breakthrough inhaled therapies for patients with unmet medical needs.

The funding agreement provides InhaleRx access to up to $38.5 million in funding, which is expected to allow the Company to reach the Phase 3 pivotal stage for both IRX-211 and IRX-616a within the next 2-3 years. The facility allows for the drawdown of funding as eligible expenditure is incurred.

Further details of the Clendon Biotech facility and options included within the proposed funding structure are included in Appendices 1 and 2.

Once approved, the Clendon Biotech Capital facility will allow the Company to immediately activate the specification adjustment and batch manufacturing work required in the manufacture of the requisite trial drugs for the proposed IRX616a (Phase 1), and IRX-211 (Phase 2) trials.

This partnership ensures that InhaleRx can move forward with the next stages of its clinical trials and non- clinical work, including addressing the further requirements outlined in FDA feedback related to its recent IND submission for IRX-616a.

While it is expected that this funding arrangement will cover all necessary clinical trial costs, InhaleRx will remain responsible for covering its operational and corporate overheads as these costs are specifically outside the scope of the funding arrangement. The Company remains confident in its ability to secure the necessary additional funding to meet these working capital costs and ensure continued operational sustainability.

About Clendon Biotech Capital

Clendon Biotech Capital is a Melbourne based venture capital investor which is keenly focused on small to mid-size bio-technology companies in its target therapeutic areas – neuroscience, gastroenterology, oncology and anti-aging.

The Board of InhaleRx views the partnership with Clendon Biotech Capital as a transformative step in securing the Company’s ability to execute its clinical development strategy, which will further position it as a leader in the inhaled therapeutics sector.

IRX’s CEO, Mr. Darryl Davies, said: “We are very excited to have Clendon Biotech Capital as a committed funding partner. This agreement enables InhaleRx to focus on advancing our key clinical…