EyeGate Pharmaceuticals Inc (NASDAQ:EYEG) has announced that it has received additional milestone payment for it’s EGP-437 combination product in the field of uveitis from Valeant Pharmaceuticals Intl Inc (NYSE:VRX) under their licence of Agreement. EyeGate is eligible to receive milestone payments totalling up to $32 million when and subject to achievement of certain specified developments and commercial milestone.
Stephen From, President and Chief Executive Officer of EyeGate Pharmaceuticals noted that he was pleased with the progress the company had made in their collaboration with Valeant. This milestone marks a continued advancement of EyeGate drug development initiative and demonstrates the utility of their lead candidate EGP-437 combination product in anterior uveitis.
In other news, EyeGate’s Novel Technology is seeking to Revolutionize Ophthalmic drug delivery. Through this, the company could transform the way drug are delivered to the eye avoiding drawbacks which a raise from the use of the current standard of care. Currently, eye drug delivery is through drops and injections that are characterized by inefficiency and invasiveness. EyeGate is currently in phase 3 study for anterior uveitis. With apositive result, they will be useful in supporting NDA.
The company is also pursuing other indications including macular which willbe used after cataract surgery. The company indicated that it was seeking regulatory approval for home use of particular condition such as muscular degeneration. Home use in their option would broaden the current market and accelerate use of eye drop related condition since thepatient would perform thetreatmentin the comfort of their homes.
The company raised $14M in their February 2015 IPO which will be used to advance their products in clinical validation
EyeGate pharmaceutical is a clinical-staged company that is focusedon development and commercialization of therapeutics and drug systems for treating eye diseases. EGP is the company’s first and only product that is in the clinical trial. It incorporates Dexamethasone Phosphate that is deliveredto the ocular tissues and topically active corticosteroid. More information about the company is accessible by visiting their site www.EyeGatePharma.com.