Burns & Levinson Represents iVeena Delivery Systems, Inc. in Strategic Licensing Agreement with Glaukos Corporation

Rhea-AI Summary

On August 24, iVeena Delivery Systems entered a strategic licensing agreement with Glaukos Corporation (GKOS) for IVMED-80, an eye drop designated for keratoconus. Glaukos paid $10 million upfront and will cover all development costs. The deal includes potential milestone payments and royalties for iVeena. iVeena is also working on IVMED-85, aimed at pediatric myopia, with plans for a clinical trial in early 2023.

Positive

• iVeena receives $10 million upfront from Glaukos.
• Glaukos assumes all development and regulatory costs for IVMED-80.
• Potential for development and sales milestone payments as well as royalties.

Negative

• None.

BOSTON, Aug. 29, 2022 /PRNewswire/ -- – Burns & Levinson is pleased to announce that it represented iVeena Delivery Systems, Inc. (iVeena), a clinical stage biopharmaceutical company with developmental products in keratoconus and pediatric myopia, in a strategic licensing agreement with Glaukos Corporation (NYSE: GKOS). On August 24, iVeena announced that it has licensed its lead asset, IVMED-80, an Orphan Drug Designated eye drop for keratoconus to Glaukos. The agreement grants Glaukos an exclusive global license to develop and commercialize IVMED-80. As part of the agreement, Glaukos paid $10 million upfront and will assume all costs associated with the development and regulatory activities on IVMED-80. In addition, deal terms include the potential for both development and sales milestone payments as well as royalties on sales to iVeena.

The Burns & Levinson intellectual property team was led by Partner Bruce Jobse, who provided advice and counsel during the drafting and negotiations of the license agreement with Glaukos.

iVeena Delivery Systems, Inc. is a privately held, clinical stage ophthalmology company developing disease-modifying pharmacologic innovations for refractive diseases. iVeena is also developing IVMED-85, a first in class, investigational eyedrop formulation for pediatric myopia where it plans to initiate a first in human clinical trial early 2023.

About Burns & Levinson LLP

At Burns & Levinson, we provide high-level, client-centric and results-oriented legal services to our regional, national and international clients. We are a full-service law firm with 125 lawyers in Boston, Providence and London. Our areas of expertise include: business/finance, business litigation, divorce/family law, venture capital/emerging companies, employment, estate planning, government investigations, intellectual property, M&A/private equity, probate/trust litigation, and real estate. We partner with our clients to solve their business and personal legal issues in a collaborative, creative and cost-effective way. For more information, visit Burns & Levinson at www.burnslev.com.

Contact:
Amy Blumenthal	or	Kristen Weller
Blumenthal & Associates		Chief Marketing & Business Development Officer
(617) 879-1511		(617) 345-3555
amyb@blumenthalpr.com		kweller@burnslev.com

 

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SOURCE Burns & Levinson

FAQ

What is the licensing agreement between iVeena and Glaukos Corporation (GKOS) about?

The licensing agreement allows Glaukos to develop and commercialize IVMED-80, an eye drop for keratoconus.

What financial terms are included in the Glaukos and iVeena agreement?

Glaukos paid iVeena $10 million upfront and will cover all development costs, with potential milestone payments and royalties.

What is IVMED-80 and its significance in the agreement with GKOS?

IVMED-80 is an Orphan Drug Designated eye drop for keratoconus, licensed exclusively to Glaukos for further development.

When is iVeena planning to initiate its clinical trial for IVMED-85?

iVeena plans to initiate a first-in-human clinical trial for IVMED-85 in early 2023.