The decision came as the company prepares to launch sales of another drug in its pipeline for a rare neuromuscular condition.
The setback comes as Reata is preparing to launch sales of another drug, Skyclarys, which received FDA approval in March as the first disease-specific treatment for adults with the ultra-rare neuromuscular condition Friedreich’s ataxia. Huff said the company expects commercial sales to begin by mid-August after the Food and Drug Administration completes a supplemental review of a specification involving an impurity discovered in the manufacturing process.
“We’re encouraged by the significant interest from patients and health care providers to begin Skyclarys treatment,” Huff said. Chief operating and financial officer Manmeet Soni told analysts the deal with Blackstone will free up $100 million in capital for other projects. He also said a new debt funding package from Pharmakon Advisors will give the company access to $275 million and extend its cash runway through 2026. As of March 31, Reata already had about $321 million in reserves it could tap.
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