NLS Pharmaceutics merger partner Kadimastem wins milestone payment

NLS Pharmaceutics (NLSP) announced that the Israel-U.S. Binational Industrial Research and Development Foundation, or Bird Foundation, has approved another milestone-based funding payment to Kadimastem, a clinical-stage cell therapy company developing “off-the-shelf,” allogeneic regenerative treatments for neurodegenerative diseases and diabetes, with a U.S.-based company, iTolerance. The milestone payment is based on the progress demonstrated by the companies in the co-development of iTOL-102, a novel cell therapy targeting a potential cure for Type 1 diabetes without the need for life-long immunosuppression. Kadimastem’s IsletRx technology is combined with iTolerance’s proprietary iTOL-100 immunomodulatory platform in iTOL-102. The milestone payment approved by the BIRD Foundation amounts to approximately $166K, bringing the total support from the BIRD Foundation to $882,352 to date. The companies are currently preparing for safety toxicology studies and the initiation of clinical trial submissions based on FDA guidance. NLS CEO Alex Zwyer, Chief Executive Officer of NLS Pharmaceutics, stated: “We are encouraged by the continued external validation and momentum in the iTOL-102 program, particularly as the merged company prepares to initiate key clinical studies in diabetes. This milestone further reinforces the strong scientific and strategic rationale behind our proposed merger with Kadimastem.”