Shire invests $20 million in new dry eye drug

Shire is purchasing the worldwide rights to Parion Sciences’ P-321, an epithelial sodium channel (ENaC) inhibitor for the treatment of dry eye disease in adults.

The topical phase 2 therapy is believed to block the absorption of tears, helping to keep the ocular surface hydrated.

A phase 1/2a placebo-controlled, dose-escalation study with 53 patients indicated that the novel molecule had favorable safety and tolerability, even at the highest concentration studied (0.01%). Although the study was not powered to assess efficacy, positive trends were observed in improvement of signs and symptoms of dry eye disease in treated patients. A Phase 2b study is expected to begin soon.

Full financial details were not released, but Parion could receive another $20 million if near-term development milestones are met, and up to $535 million in additional potential milestone payments.