Singapore-listed iX Biopharma bets big on non-opioid pain relief

[SINGAPORE] It took semaglutide (an anti-diabetic prescription drug that is gaining traction as an anti-obesity medication) to convince Wall Street that an overlooked drug class could become a hundred-billion-dollar market. Now, a handful of companies are betting that non-opioid pain relief is next – and Singapore’s iX Biopharma thinks it has the edge.

The company’s flagship drug, Wafermine, is a sublingual ketamine wafer designed to dissolve under the tongue and deliver rapid pain relief without the addiction risks that have made opioids so controversial.

Since its listing on the Singapore Exchange (SGX) in 2015, iX Biopharma has been developing Wafermine through the clinical trial process required for regulatory approval.

The drug has now completed Phase 2 clinical trials – which involve testing on human patients to assess efficacy and safety – with data submitted to and accepted by the US Food and Drug Administration (FDA).

In February, the company secured a US$40.95 million contract from the US Department of Defense (DOD), which will fund Phase 3 clinical development of Wafermine as well as activities required to obtain an Emergency Use Authorisation (EUA) from the FDA for DOD use.

In an interview with The Business Times, CEO Eddy Lee said the contract will pave the way for growth. “The day we announced it, we were inundated with calls from the US asking what else we have.”

“It derisks us, but it also helps us with the regulatory pathway – and that’s the main thing,” he added. “The moment we get the EUA, I think within a year from there, we will be profitable.” 

New class of drugs

The timing of the deal coincides with growing momentum in the non-opioid pain space. 

US biopharma company Vertex Pharmaceuticals’ Journavx, approved by the FDA in January 2025, was the first new class of acute pain medication approved in more than 20 years – in a space where effective alternatives to opioids have remained elusive.

More than 80 million Americans are prescribed medicine each year for moderate to severe acute pain, with roughly half receiving an opioid. The global non-opioid pain management market, valued at around US$53 billion in 2025, is projected to nearly double to US$96.7 billion by 2034.

Although iX Biopharma is still pending FDA approval, Lee believes Wafermine has an edge over Journavx. 

Where Journavx, an oral tablet, can take up to an hour to work, Wafermine’s sublingual delivery mechanism means the drug enters the bloodstream within minutes, bypassing the gastrointestinal tract that would otherwise degrade ketamine.

The DOD awarded the contract under a sole-source procurement process – a show of confidence in iX Biopharma even as there are other non-opioid pain products that have received FDA approval, Lee said.

Beyond the battlefield

As the company awaits FDA approval, Lee is already fielding interest from consultants representing large pharma players in the depression and pain spaces. 

He believes the strength of Wafermine’s profile across multiple indications makes it an attractive acquisition target. “We think this will end in a trade sale,” he said.

iX Biopharma’s share price has moved from around S$0.018 to S$0.25 in roughly six months, a rally Lee attributes to the military contract and heightened investor relations activity through SGX.

Its shares last closed S$0.13 or 65 per cent higher at S$0.33 on Friday (Apr 10).

For the first half ended Dec 31, 2025, net loss narrowed to S$2.1 million, from S$6.3 million in the previous corresponding period.

This is even though first-half revenue dipped 14 per cent to S$3.2 million, from S$3.7 million before.

Beyond acute pain relief, Lee believes Wafermine’s active molecule, ketamine, has potential across several other therapeutic areas. 

Ketamine acts on the NMDA receptor, a mechanism distinct from opioids, which Lee said makes it effective for depression, post-traumatic stress disorder and complex regional pain syndrome. 

“Wafermine has five lives,” he said. “It’s a very interesting asset.”

Wafermine is not the whole story, either. iX Biopharma is simultaneously pivoting its broader technology platform towards the US longevity and wellness market, including a planned joint venture with an undisclosed American private equity partner to launch a direct-to-consumer hormone replacement therapy and NAD longevity programme. 

Lee expects the entity to be operational by early next year, with a separate listing to follow once the business model is proven.

Here, the ambition is clear: “We want to lead the world in longevity, introducing what you need to stay young. That’s where we’re going, and we believe it’s the more exciting part.”

Echoing him, chief commercial officer Eva Tan said: “What we, as a biotech and innovation company, really focus on is the creation of value... the value that we can create with just one pillar of our business is tremendous.”