Seelos Therapeutics, a clinical-stage biopharmaceutical company focused on the development of novel therapies for central nervous system disorders, has announced an amendment to its agreement for the development and commercialization of SLS-002.

SLS-002 is a proprietary, intranasal ketamine formulation that is being developed for the treatment of depression and suicidal ideation in patients with major depressive disorder (MDD). The amendment to the original agreement involves the extension of the development timeline for SLS-002.

The amended agreement stipulates that Seelos will receive an option payment of $5 million, which will be used to fund the clinical development of SLS-002. In addition, the company will receive milestone payments totaling up to $50 million upon achieving certain development and regulatory milestones.

The extension of the development timeline for SLS-002 is expected to provide Seelos with more time to complete the necessary clinical trials and regulatory filings required for the approval and commercialization of the drug. The company is working with leading experts in the field of ketamine and depression to ensure that SLS-002 is developed and commercialized as quickly and effectively as possible.

Seelos Therapeutics CEO Raj Mehra said: “We are pleased to announce this amended agreement, which provides us with additional resources to continue the development of SLS-002 and provides an extended timeline to meet our clinical and regulatory objectives. We believe that SLS-002 has the potential to become a valuable therapeutic option for patients suffering from depression and suicidal ideation, and we remain committed to bringing this important treatment to market as soon as possible.”

In addition to SLS-002, Seelos Therapeutics is also developing a pipeline of novel therapies for the treatment of a range of CNS disorders, including post-traumatic stress disorder (PTSD), amyotrophic lateral sclerosis (ALS), and Parkinson`s disease.

Overall, Seelos Therapeutics is making significant strides in the development of innovative treatments for CNS disorders, and the amended agreement for SLS-002 is just one example of the company`s commitment to advancing the science of neurology. As the company continues to make progress in the development of its pipeline of therapies, investors and patients alike will be eagerly watching for updates and milestones.