Dogwood Secures Worldwide Rights to SP16, Advancing Pipeline for Cancer-Related Pain
Dogwood Therapeutics (NASDAQ: DWTX) has announced an exclusive, royalty-free global license for Serpin Pharma's SP16, a first-in-class LRP1 agonist aimed at managing cancer-related pain and chemotherapy-induced neuropathy. This move, completed through an all-stock transaction, marks a pivotal step in expanding Dogwood’s pipeline of innovative, non-opioid therapies targeting cancer pain.
SP16 Targets Unmet Need in Chemotherapy-Induced Neuropathy
The new candidate, SP16, has demonstrated both anti-inflammatory and neural repair properties, offering promise for treating the debilitating symptoms of chemotherapy-induced peripheral neuropathy (CIPN). The forthcoming Phase 1b CIPN trial for SP16 is fully funded by the National Cancer Institute, reducing financial pressure on Dogwood and signaling the Institute’s confidence in SP16’s potential. Patient enrollment for this study is expected in the first half of 2026.
| Development Asset | Mechanism | Stage | Target Indication | Notable Attributes |
|---|---|---|---|---|
| SP16 (IV) | LRP1 agonist (anti-inflammatory, neural repair) | Phase 1b (CIPN, enrollment 1H 2026) | Chemotherapy-Induced Neuropathy, Cancer-Related Pain | First-in-class, NCI-funded |
| Halneuron® | NaV1.7 sodium channel inhibitor | Phase 2b (Ongoing) | Chemotherapy-Induced Neuropathic Pain, Cancer Pain | Fast track by FDA, interim data Q4 2025 |
All-Stock Transaction Adds 7.31% to Serpin Pharma
Dogwood has issued 382,034 shares of common stock and 179.19 shares of non-voting convertible preferred stock (with a 1:10,000 conversion ratio) to Serpin Pharma, collectively representing 7.31% of Dogwood’s equity on a fully diluted basis. This structure ties the future success of SP16 directly to shareholder value, aligning both companies’ interests in development outcomes. The issuance of shares is subject to stockholder approval under Nasdaq rules.
| Transaction Detail | Value/Quantity |
|---|---|
| Common Shares to Serpin Pharma | 382,034 |
| Non-voting Preferred Shares (convertible 1:10,000) | 179.19 |
| Fully Diluted Stake Acquired | 7.31% |
Portfolio Synergy: SP16 and Halneuron® Offer Mechanistic Advantages
SP16’s LRP1 agonism—known for both analgesic and nerve repair functions—complements Dogwood’s lead candidate Halneuron®, which targets sodium channel NaV1.7 for pain relief. Clinical experts suggest that SP16 and Halneuron® could be synergistic, potentially offering combined benefits in reducing both pain and nerve damage from chemotherapy.
Dogwood’s ongoing Phase 2b trial for Halneuron® is progressing with over 80 patients enrolled. Interim data from 90–100 patients are expected in December 2025, an event likely to be closely watched by the investment and medical communities.
Investor Implications: External Funding and Portfolio Expansion Reduce Near-Term Risk
The fully funded Phase 1b study for SP16 alleviates immediate cash concerns, letting Dogwood prioritize pipeline advancement without new capital raises. In addition, adding a second, mechanistically distinct clinical asset increases Dogwood’s "shots on goal" in the highly competitive cancer pain market, while potential synergies may amplify both clinical efficacy and commercial potential.
Key Dates and Webcast Access
| Milestone | Timeline |
|---|---|
| SP16 Phase 1b Patient Enrollment | First Half 2026 |
| Halneuron® Interim Data | December 2025 |
| Transaction Webcast | Sept. 29, 2025, 8:30 a.m. ET Webcast Link |
What This Means for Investors
By adding SP16 under highly favorable licensing terms and pairing it with Halneuron®, Dogwood is positioning itself as a contender in non-opioid, late-stage cancer pain therapeutics. Investors may wish to watch for further updates on clinical timelines, the pending shareholder approval, and readouts from Halneuron®'s pivotal trial, as Dogwood executes its multi-candidate pipeline strategy.
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