Island Pharmaceuticals Ltd. announced the signing of a clinical trial support services agreement, for Island's upcoming ISLA-101 Phase 2a PEACH study. ISLA-101 is a well-known drug candidate that is being repurposed for the prevention and treatment of dengue fever and other mosquito (or vector) borne diseases. The PEACH trial is a Phase 2a, randomized, double blind, placebo-controlled study for the Prophylactic Examination of an Antiviral in a Dengue Challenge Model.

To support the PEACH trial, Island has signed a Clinical Trials Support Services Agreement (Agreement) with ICON Government and Public Health Solutions, Inc. f/k/a Clinical Research Management, Inc. ICON GPHS is a CRO with significant expertise in clinical trials, including the dengue human infection model (DHIM) that Island will be using in the PEACH study. The purpose of the Agreement is to allow Island to hire ICON GPHS for one or more clinical studies. The details associated with each clinical study will be set forth in one or more Work Orders.

The scope of work for the first Work Order is to coordinate, manage and conduct the "PEACH" study (A Phase 2, Randomized, Double blind, Placebo-controlled Study for the Prophylactic Examination of an Antiviral in a Dengue Challenge Model), which is described in detail in Island's initial public offering Prospectus. The project budget is USD 887,590, which is in line with Island's budget forecast. All intellectual property developed through this Agreement will remain the sole property of Island Pharmaceuticals.

The term of the Agreement shall commence immediately and continue through until January 31, 2024. The Agreement can be terminated by either party by 90 days written notice provided that there are no current work orders outstanding. Any Work Order is subject to early termination, by either Party on 30 days written notice if the other party commits any material beach and fails to remedy it within 30 days of receipt of written notice of the breach.

In addition, the Agreement terminates if either party becomes bankrupt, or can be terminated by the Company upon 7 days written notice.