Background
Founded in 2008 and listed on SGX Catalist in 2015, iX Biopharma is a pharmaceutical
company whose proprietary drug delivery technologies, WaferiX® and WaferlogiX, enable
sublingual delivery of therapeutics with enhanced bioavailability and rapid absorption. iX’s
pipeline includes 40 pharmaceutical and nutraceutical products. It has a manufacturing
facility in Melbourne, Australia. The lead drug Wafermine, a ketamine-based wafer for pain
management, successfully completed Phase 2b clinical trials and an End-of-Phase-2 meeting
with the US FDA in 2019, after which the Phase 3 programme was agreed. Phase 3
preparations are now underway. The company out-licensed Wafermine to Nasdaq-listed
Seelos in 2021, then reclaimed full rights in 2024. The US FDA has also granted orphan drug
status to iX for the treatment of Complex Regional Pain Syndrome (CRPS).
Investment Merits
• Endorsement and non-dilutive funding of Wafermine by the US DoD. We view the
US$40.95mn Phase 3 clinical trial funding and orders from the DoD as a major
endorsement and major external validation of the WaferiX sublingual technology. It is a
superior outcome compared to a typical Phase 2 out-licensing deal in which a partner
captures the majority of upside. iX retains full ownership and control over Wafermine.
DoD removes the capital overhang and reduces the risk of Phase 3 execution. Other late
stage drugs that have received US DoD development funding include nerve agent
countermeasures, bacterial infection treatments and virus vaccines. EUA will allow the
immediate sale of Wafermine, estimated in 1Q27.
• Compound pharmacy to monetise nutraceuticals and other drugs. The compounding
pharmacy market in the US is worth US$6bn. Compounding pharmacies supply
personalised drugs via telehealth platforms, clinics and hospitals. iX’s WaferiX
technology enables personalisation of drugs into a differentiated sublingual dosage,
allowing 30+ WaferiX drugs and nutraceuticals to be supplied without further FDA
approvals. Partnership with Orion Speciality Labs provides a capital-light manufacturing
and distribution route to the US, with NAD+ as the near-term revenue driver.
• Potential of other products. iX’s Waferix sublingual drug delivery can deliver active
ingredients to address a multitude of medical conditions or indications. Some in the
pipeline include erectile dysfunction, obesity, depression, allergy and vaccination. The
more advanced pipeline assets are Wafermine for rare, prolonged pain (or CRPS) and
Dexmedetomidine for acute agitation in dementia.
Background
Founded in 2008 and listed on SGX Catalist in 2015, iX Biopharma is a pharmaceutical
company whose proprietary drug delivery technologies, WaferiX® (Figure 1/2) and
WaferlogiX, enable sublingual delivery of therapeutics with enhanced bioavailability and
rapid absorption. iX’s pipeline includes more than 30 pharmaceutical drugs and 7
nutraceutical products. It has a manufacturing facility in Melbourne, Australia (Figure 3). The
lead drug Wafermine (Figure 4), a ketamine-based wafer for pain management, successfully
completed Phase 2b clinical trials and an End-of-Phase-2 meeting with the US FDA in 2019,
after which the Phase 3 programme was agreed. Phase 3 preparations are now underway.
The company out-licensed Wafermine to Nasdaq-listed Seelos in 2021, then reclaimed full
rights in 2023. The FDA has also granted orphan drug status to iX for the treatment of
Complex Regional Pain Syndrome (CRPS).
In Figure 1, iX has been developing and funding multiple drugs since its inception. The
company had to raise capital via placements in 2020, 2022, 2025, 2026 and a rights issue in
2024. We believe the termination of the Seelos agreement was a blow to iX’s ability to
generate revenue to further drug development. Commercialisation of existing drugs and the
nutraceuticals pipeline was the priority. This led to the compounding pharmacy distribution
and manufacturing partnership with Orion Specialty Labs in November 2025.
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Paul has 20 years of experience as a fund manager and sell-side analyst. During his time as fund manager, he has managed multiple funds and mandates including capital guaranteed, dividend income, renewable energy, single country and regionally focused funds.
He graduated from Monash University and had completed both his Chartered Financial Analyst and Australian CPA programme.
