PAION is a specialty pharma company developing anaesthesia products. Its lead product, remimazolam, is partnered with Mundipharma in Japan, Yichang in China, Hana Pharma in S Korea, Cosmo in the US, Pendopharm in Canada and R-Pharm in CIS, Turkey and MENA.
Paion is moving closer to commercialisation of remimazolam, its ultra-short-acting IV sedative/anaesthetic that combines the best features of approved agents midazolam and propofol. Partner Yichang Humanwell filed for approval of remimazolam in procedural sedation in China in November, and Mundipharma filed for approval in general anaesthesia (GA) in Japan in December. Cosmo is on track to file for US approval shortly, after Paion successfully completed clinical development in procedural sedation. R-Pharm plans to file for approval in GA in Russia by end 2019. The primary target in the US is to replace midazolam as the sedative of choice for procedures such as colonoscopy and bronchoscopy; faster induction and recovery with remimazolam reduces total procedure time and should increase throughput. Paion has initiated a Phase III in GA in Europe; full recruitment expected by the end of 2019. Cash of €17.2m at 31 December and anticipated milestone revenue is sufficient to report top-line data from the European Phase III.
Remimazolam has important advantages over competing products, including fast onset and offset of action with lower risk of cardiopulmonary events than the standard-of-care midazolam and propofol, and a reversal agent exists if there is over sedation.