QLT-T NR today 91m at 8.77
QLT partners in ocular synthetic retinoid program
2006-04-05 05:40 ET - News Release
Ms. Therese Hayes reports
QLT ANNOUNCES CO-DEVELOPMENT AND LICENSING AGREEMENT WITH RETINAGENIX FOR EARLY STAGE OCULAR SYNTHETIC RETINOID PROGRAM
QLT Inc. has entered into an exclusive worldwide co-development and licensing agreement with Retinagenix LLC to develop active synthetic retinoid products for the treatment of degenerative retinal diseases.
Under the terms of the agreement, QLT will be responsible to develop and commercialize the products for use in ocular and all other human diseases. Retinagenix will participate in research in support of the co-development collaboration, and be eligible to receive an upfront payment of $1.5-million (U.S.), and payments upon achievement of certain development, approval and sales milestones, as well as a single-digit royalty on net sales.
"We are very excited to make this announcement today," said Bob Butchofsky, president and chief executive officer of QLT. "This collaboration is the first step forward in our strategy to access, develop and commercialize promising new technologies in the eye, which is QLT's core area of therapeutic expertise. We plan to progress the first drug candidate from the Retinagenix collaboration into the clinic within the next 18 months."
"Degenerative diseases of the retina affect many people worldwide and lead to varying degrees of irreversible blindness," said Marco Northland, chairman of Retinagenix. "We believe that administration of a synthetic retinoid could reverse the defects in the retinoid cycle in patients. We believe QLT's expertise in retinal diseases and drug development, provide a strong foundation for a successful collaboration."
We seek Safe Harbor.
