Dogwood Therapeutics (DWTX) Maxim Group’s 2024 Healthcare Virtual Summit summary

Transaction overview and company structure

• Merger combined Virios Therapeutics and WEX Pharmaceuticals to form Dogwood Therapeutics, with a new Nasdaq ticker DWTX.

• The management team from Virios leads the new entity, with WEX team members integrated under their leadership.

• Strategic financing of $19.5 million from CK Life Sciences, totaling nearly $24 million in operational funds.

• CKLS, affiliated with Li Ka-shing, becomes a key long-term shareholder.

• The merger expands the pipeline to three late-stage assets targeting pain and fatigue-related disorders.

Pipeline assets and development plans

• Halneuron, a NaV1.7 modulator, is being advanced for chemotherapy-induced neuropathic pain (CINP), with a Phase IIb trial starting in the U.S. in Q1 2025.

• IMC-1 targets fibromyalgia with a combination antiviral approach.

• IMC-2, a valacyclovir and celecoxib combination, is in late-stage trials for long COVID, with top-line data expected in Q4.

• Halneuron’s mechanism offers opioid-sparing potential and a favorable safety profile, with no observed respiratory or cardiovascular effects.

• The company is exploring additional indications for Halneuron, including post-surgical and ocular pain.

Market opportunity and clinical data

• The cancer-related pain market is estimated at $5 billion, with CINP representing $1.5 billion.

• Halneuron demonstrated durable pain relief (average 57 days) and opioid reduction in trials.

• No approved therapies currently exist for CINP, highlighting significant unmet need.

• IMC-2 showed statistically significant improvements in fatigue and orthostatic symptoms in long COVID patients in a matched control study.

• Fatigue will serve as the primary endpoint in upcoming long COVID trials, with orthostatic intolerance as a key secondary endpoint.