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iVeena Delivery Systems has entered a strategic licensing agreement with Glaukos Corporation (NYSE: GKOS) for exclusive global rights to IVMED-80, a treatment for keratoconus, a rare corneal disorder. IVMED-80 is a proprietary topical eye drop that has shown promising results in a phase 1/2a clinical study, achieving a significant reduction in corneal curvature. Glaukos paid $10 million upfront for the license and will cover all development costs, with further milestone payments and royalties possible. This partnership aims to enhance treatment options for keratoconus patients.
Positive
Glaukos pays $10 million upfront for exclusive rights to IVMED-80, enhancing iVeena's financial position.
IVMED-80 has shown statistically significant results in clinical trials for treating keratoconus.
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None.
SALT LAKE CITY--(BUSINESS WIRE)--
iVeena Delivery Systems Inc. (“iVeena”), a clinical stage biopharmaceutical company with developmental products in keratoconus and pediatric myopia, has entered into a strategic licensing agreement with Glaukos Corporation (NYSE: GKOS) that grants Glaukos an exclusive global license to develop and commercialize IVMED-80, a pharmacologic treatment for keratoconus.
Keratoconus, a rare corneal disorder, is the leading cause of primary full-thickness corneal transplantation in the United States. IVMED-80 is a proprietary disease modifying topical eye drop with orphan drug designation (ODD) that upregulates lysyl oxidase (LOX) and induces pharmacologic corneal crosslinking to strengthen the cornea and treat keratoconus. In a 6-month phase 1/2a clinical study, IVMED-80 met its primary endpoint of a statistically significant reduction in baseline-adjusted Kmax of 1.0 D relative to placebo (p=0.0199; paired longitudinal analysis).
“We are pleased to complete this agreement with Glaukos. This deal validates the technology we have developed at iVeena to induce corneal crosslinking pharmacologically via eyedrops,” said iVeena CEO Jerry Simmons. “Glaukos is a strong partner to complete development of this product where, if approved, patients will have an additional keratoconus treatment option.”
As part of the agreement Glaukos paid $10 Million upfront and will assume all costs associated with 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.
About iVeena
iVeena Delivery Systems, Inc. is a privately held, clinical stage ophthalmology company developing disease-modifying pharmacologic innovations for refractive diseases. iVeena has licensed its lead asset to Glaukos Corporation, IVMED-80, an Orphan Drug Designated eye drop for keratoconus. iVeena is 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 Glaukos
Glaukos (www.glaukos.com) is an ophthalmic medical technology and pharmaceutical company focused on developing and commercializing novel therapies for the treatment of glaucoma, corneal disorders and retinal diseases. Glaukos first developed Micro-Invasive Glaucoma Surgery (MIGS) as an alternative to the traditional glaucoma treatment paradigm, launching its first MIGS device commercially in 2012, and has since developed a portfolio of technologically distinct and leverageable platforms to support ongoing pharmaceutical and medical device innovations. Products or product candidates for each of these platforms are designed to advance the standard of care through better treatment options across the areas of glaucoma, corneal disorders and retinal diseases.
iVeena
Michael Burr, MS, MBA
Vice President of Product Development
mburr@iveenamed.com
801-550-5863
Source: iVeena Delivery Systems Inc.
FAQ
What is IVMED-80 and how does it relate to GKOS?
IVMED-80 is a pharmacologic treatment for keratoconus, licensed to Glaukos Corporation (NYSE: GKOS) for development and commercialization.
What were the results of the clinical study for IVMED-80?
The phase 1/2a clinical study for IVMED-80 met its primary endpoint, showing a statistically significant reduction in corneal curvature compared to placebo.
How much did Glaukos pay for the licensing agreement?
Glaukos paid $10 million upfront for the exclusive global license to develop and commercialize IVMED-80.
What are the potential financial benefits for iVeena from this deal?
iVeena may receive additional milestone payments and royalties on sales of IVMED-80 as part of the licensing agreement.
What is keratoconus and why is IVMED-80 important?
Keratoconus is a rare corneal disorder and the leading cause of corneal transplantation; IVMED-80 offers a new treatment option that may improve patient outcomes.
