EyeGate Receives Milestone Payment from Valeant Pharmaceuticals for EGP-437 for post-operative ocular inflammation and pain i...
May 22 2017 - 7:30AM
EyeGate Pharmaceuticals, Inc. (NASDAQ:EYEG) (“EyeGate” or the
“Company”), a specialty pharmaceutical company that focuses on
developing and commercializing products for treating diseases and
disorders of the eye, today announced that it has received its
first development milestone from a subsidiary of Valeant
Pharmaceuticals International, Inc. (“Valeant”) under the Company’s
License Agreement with Valeant, pursuant to which EyeGate has
granted Valeant exclusive, worldwide commercial and manufacturing
rights to the Company’s EyeGate® II Delivery System and EGP-437
combination product (the “Product”) in post-operative ocular
inflammation and pain in ocular surgery patients.
In 2015, EyeGate and Valeant entered into an
agreement granting Valeant exclusive, worldwide commercial and
manufacturing rights to EGP-437 in the field of uveitis, as well as
a right of last negotiation to license the Product in other
indications. In February 2017, the companies entered into a second
agreement for the Product in the treatment of post-operative ocular
inflammation and pain in ocular surgery patients. Under this
agreement, EyeGate is eligible to receive developmental and
sales-based milestones totaling up to approximately $99.0 million,
as well as royalties on Valeant’s net sales of the product, which
will be a part of its Bausch + Lomb Pharmaceuticals business.
Stephen From, President and Chief Executive
Officer of EyeGate Pharmaceuticals commented, “We have made
significant progress in the development of EGP-437 for the
treatment of post-operative ocular inflammation and pain in ocular
surgery patients since initiating our first study in this large
indication last year, evidenced by this first milestone payment
under the Valeant partnership in ocular surgery. Since entering
into our initial agreement, in Uveitis, nearly two years ago,
Valeant has proven to be an optimal partner and we look forward to
continued collaboration as we further advance EGP-437 in both of
the licensed indications.”
About EyeGate:EyeGate is a clinical-stage
specialty pharmaceutical company that is focused on developing and
commercializing products for treating diseases and disorders of the
eye. EyeGate is developing products using CMHA-S, a modified form
of the natural polymer hyaluronic acid (HA), which possesses unique
physical and chemical properties such as hydration and healing
properties. The ability of CMHA-S to adhere longer to the ocular
surface, resist degradation and protect the ocular surface makes it
well-suited for treating various ocular surface injuries.
EGP-437, EyeGate’s other product in clinical trials,
incorporates a reformulated topically active corticosteroid,
Dexamethasone Phosphate that is delivered into the ocular tissues
through EyeGate’s proprietary innovative drug delivery system, the
EyeGate II Delivery System. For more information, please visit
www.EyeGatePharma.com.
Forward-looking Statements
Some of the statements in this press release are
“forward-looking” and are made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These “forward-looking” statements include statements relating to,
among other things, the commercialization efforts and other
regulatory or marketing approval efforts pertaining to EyeGate’s
products, including EyeGate’s EGP-437 combination product and those
of Jade, a wholly owned subsidiary of EyeGate, as well as the
success thereof, with such approvals or success may not be obtained
or achieved on a timely basis or at all. These statements involve
risks and uncertainties that may cause results to differ materially
from the statements set forth in this press release, including,
among other things, certain risk factors described under the
heading “Risk Factors” contained in our Annual Report on Form 10-K
filed with the SEC on February 23, 2017 or described in our other
public filings. Our results may also be affected by factors of
which we are not currently aware. The forward-looking statements in
this press release speak only as of the date of this press release.
EyeGate expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to such statements to
reflect any change in its expectations with regard thereto or any
changes in the events, conditions or circumstances on which any
such statement is based.
Contact:
Lee Roth / Janhavi Mohite
The Ruth Group for EyeGate Pharmaceuticals
646-536-7012 / 7026
lroth@theruthgroup.com / jmohite@theruthgroup.com
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