BioLight Announces Collaboration With Ora, Inc. for TeaRx™ Multi-Parameter Diagnostic Test for Dry Eye Syndrome
TEL-AVIV, Israel, June 15, 2015 /PRNewswire/ --
BioLight Life Sciences Investments (OTCQX: BLGTY, TASE:BOLT) ("BioLight" or the "Company"), a firm that invests in, manages and commercializes biomedical innovations in ophthalmology and cancer diagnostics, today announced that it has expanded its relationship with Ora, Inc., a world-leading independent, full-service ophthalmic contract research organization and product development firm, via the signing of a Collaboration Agreement (the "Agreement") pursuant to which the companies will work together to advance the clinical, regulatory and commercial development of BioLight's TeaRx™ multi-parameter diagnostic test for dry eye syndrome ("DES").
While financial terms were not disclosed, BioLight advised that, in accordance with the Agreement, it and Ora will jointly fund the clinical study and other activities required to obtain US 510K regulatory approval for the TeaRx™ multi-parameter diagnostic test for DES. BioLight also granted Ora the right to incorporate the TeaRx™ test in other clinical trials sponsored by third parties and performed by Ora.
"We are proud to be working with a world-leading organization like Ora and are confident that, with their support, we will be able to maximize the TearRX™ opportunity. This collaboration represents a vote of confidence in our TeaRx™ multi-parameter diagnostic test as a novel solution for pharmaceutical companies that will succefuly enble and lead to the development of new therapies to treat the DES, as well as additional companion diagnostic tools," commented BioLight's Chief Executive Officer, Suzana Nahum Zilberberg.
"While there have been a number of advances in our understanding of DES over the past few decades, there is no question that significant unmet medical need remains," said Ora's Vice President, Dry Eye, George Ousler. "TeaRx™ is a simple, accurate and objective test that can not only help identify those suffering from DES, but also the underlying causes of their disease. As such, we believe it has great potential in both the companion diagnostics and research tool markets."