Arctic Vision Announces Exclusive Licensing Agreement with Olympic Ophthalmics for iTEAR®100 for the Treatment of Dry Eye Disease in Greater China, South Korea and ASEAN countries
iTEAR®100 is an FDA-cleared external neurostimulation device that increases acute tear production.
ISSAQUAH, Wash. and SHANGHAI, June 6, 2021 /PRNewswire/ -- Arctic Vision, a clinical stage biotech company focusing on innovative ophthalmology therapies for pan-ocular diseases, and Olympic Ophthalmics, a U.S.-based medical technology company pioneering neuromodulation treatments for ophthalmic diseases, today jointly announced an exclusive licensing agreement for Arctic Vision to develop and commercialize Olympic Ophthalmics' commercial stage product, iTEAR®100, for the treatment of dry eye disease in Greater China (mainland China, Hong Kong, Macau and Taiwan), South Korea and ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam).
Dry eye disease (DED) is a multifactorial chronic disease of the ocular surface characterized by a loss of homeostasis of the tear film, resulting in discomfort and visual impairment. Symptoms of DED include eye irritation, dryness, stinging and ocular fatigue, and the chronic disease can have long term accumulative influence causing corneal ulcer, perforation or even blindness. As one of the most common ophthalmic diseases, it is estimated that in 2020, there were 1.5 billion and 960 million dry eye patients aged 15 and older globally and in Asia respectively1. Current treatment modalities focus on lubricating the ocular surface and inhibiting the inflammatory response with agents, but most fail to improve the natural tear production.
The iTEAR®100 is an FDA cleared, non-invasive, drug-free neurostimulation device designed for the treatment of DED. Being the first neurostimulator to stimulate tear secretion through non-invasive stimulation of the external nasal nerve, the device offers immediate relief with natural tear production as well as increasing the level of basal tear secretion. Neurostimulation can also, improve the secretion function from the meibomian glands. Neurostimulation has been successfully used in medical devices, such as the cardiac pacemaker and implantable neurostimulators targeting pain relief. In the field of ophthalmology, Olympic Ophthalmics is one of the pioneering companies exploring the use of neurostimulation, with the potential to deliver tremendous impact on the lives of ophthalmic patients globally. In the pivotal study2, iTEAR®100 showed sustained tear production and improvements in symptomatology with favorable safety and usability.
Dr. Eddy (Hoi Ti) Wu, Founder, CEO and Board Director of Arctic Vision, commented, "Dry eye is a common and chronic disease that hundreds of millions of patients across Asia suffer from. We are excited to enter into this partnership with Olympic Ophthalmics to bring iTEAR®100, their FDA cleared neurostimulation device, to Greater China, South Korea and ASEAN countries. We look forward to delivering this novel device as an affordable and unique solution to DED patients, which will also be an important milestone in the consolidation of our commercial capabilities. We remain committed to developing a portfolio of innovative therapies that will improve the lives of patients in China and Asia."
Founder and CEO of Olympic Ophthalmics, Dr. Michael Gertner stated, "We look forward to collaborating with Arctic Vision to develop and commercialize iTEAR®100 in Greater China, South Korea and ASEAN countries. Through our team of entrepreneurs, clinicians, and investors with deep expertise in ophthalmology, neuromodulation, and medical devices, we are bringing a new class of neuromodulation technologies to eye care. We are very confident that Arctic Vision team, with its strong and compelling track records in both R&D and commercialization in Asia, is the right partner for us to bring iTEAR®100 to key Asian markets, and bring relief to millions of patients by increasing natural tear production."
1 DataMonitor Healthcare Report. (2021). Market Spotlight: Dry Eye Disease. Retrieved from: https://pharmastore.informa.com/product/market-spotlight-dry-eye-disease/
2 Ji MH, Moshfeghi DM, PerimanL,KadingD,Matossian C, Walman G, MarkhamS, MuA, Jayaram A, Gertner M, Karpecki P, Friedman NJ. Novel extranasal tear stimulation: Pivotal study results. Trans Vis Sci Tech. 2020;9(12):23.
About Olympics Ophthalmics
Olympic Ophthalmics, Inc. is a medical technology company pioneering patient-focused treatments for ophthalmic diseases using neuromodulation. The company is based in Issaquah, Washington, and primarily backed by BioStar Capital, a physician-led, strategic value-add investment firm focused on accelerating value creation for transformational medical device and connected health technologies. For more information, please visit www.olympicophthalmics.com.
About Arctic Vision
Arctic Vision is a China-based clinical stage specialty ophthalmology company with a leading portfolio of breakthrough technologies. The company's vision is to address ophthalmology's unmet needs through innovative therapies in China, Asia and globally. Arctic Vision was established by top-tier life sciences investors and is led by an elite team of ophthalmic industry veterans with substantial and compelling China and global experiences in both R&D and the commercialization of eye care products. For more information, please visit www.arcticvision.com.
Reference:
View original content to download multimedia:http://www.prnewswire.com/news-releases/arctic-vision-announces-exclusive-licensing-agreement-with-olympic-ophthalmics-for-itear100-for-the-treatment-of-dry-eye-disease-in-greater-china-south-korea-and-asean-countries-301306415.html
SOURCE Arctic Vision