The USA's Infinity Pharmaceuticals has announced that partner Mundipharma has committed to providing over $50 million in funding in 2013 for the continued development of a cancer drug.
The treatment in question is IPI-145, Infinity's oral inhibitor of phosphoinositide-3-kinase (PI3K) delta and gamma which is in two Phase I trials and the cash will also help advance other programmes. Infinity chief executive Adelene Perkins said that "Mundipharma's substantial financial commitment to our PI3K and discovery programs through at least 2013 demonstrates our shared belief that, with key clinical events anticipated in 2012, we are building one of the broadest, deepest and most exciting pipelines of any clinical-stage company in oncology and inflammation".
The companies linked up in 2008 and that deal also provided Infinity with access to a $50 million line of credit from Purdue Pharmaceutical, which has all been used. Mundipharma will finance all R&D costs up to the commencement of Phase III trials - the funding cap for 2012 is $110 million.