Harrow To Acquire Sedation Solutions Developer Melt Pharmaceuticals – More Details Inside

Harrow (HROW) announced on Friday that it has entered into an agreement to acquire privately held Melt Pharmaceuticals for an undisclosed price.

While Harrow is a provider of ophthalmic disease management solutions, Melt Pharmaceuticals is focused on developing non-opioid therapies for sedation during medical procedures. Melt was spun out of Harrow in January 2019.

The acquisition will include Melt’s lead investigational therapy, MELT-300, a sublingually delivered formulation of a fixed dose of Midazolam (3mg) and Ketamine (50mg) designed to provide rapid, predictable sedation and analgesia without the need for intravenous administration.

Shares of Harrow jumped 4% at the time of writing. On Stocktwits, retail sentiment around HROW stock stayed within ‘extremely bullish’ territory over the past 24 hours, while message volume stayed at ‘high’ levels.

MELT-300 was found to be statistically superior to both sublingual Midazolam alone and placebo in providing successful procedural sedation in a late-stage study. A recently completed cardiac safety study also indicated that MELT-300 did not alter normal heart rhythm, supporting the therapy’s safety profile. Harrow now plans to submit a new drug application to the U.S. Food and Drug Administration for the sedative in 2027, and is eyeing a commercial launch in the U.S. in 2028.

If the FDA approves MELT-300, the company intends to discontinue the MKO Melt sedation product, marketed through its ImprimisRx subsidiary, for cataract surgeries. The company also sees potential for MELT-300 to be used in other procedures, including claustrophobia during MRIs, sedation for colonoscopies, dental procedures, gastroenterology procedures, and other interventions.

The closing of the merger transaction, however, is subject to customary closing conditions, including approval by Melt shareholders, Harrow added.

HROW stock is up 43% this year and by about 9% over the past 12 months. 

Read also: Costco Draws Mixed Reactions From Wall Street Despite Q4 Beat: Here’s Why

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