Recordati Licenses An Innovative Treatment For Neurotrophic Keratitis
Milan, 16 June, 2017 - Recordati announced the signing of an exclusive license agreement with MimeTech, an Italian development stage company founded by scientists from the University in Florence, for the development and subsequent commercialization on a global basis of a low molecular weight peptidomimetic of human nerve growth factor (NGF) for the treatment of neurotrophic keratitis, which already received an Orphan Drug Designation in the EU. Additional indications linked to NGF defects are also contemplated in the scope of the partnership. Under the terms of the agreement Recordati shall make an upfront payment upon signature of the contract and further milestone payments shall be linked to the development process and commercial performance.
Neurotrophic keratitis is a rare degenerative corneal disease which in its more severe forms affects less than one person out of 10,000 worldwide, and is initiated by an impairment of trigeminal nerve. Impairment or loss of corneal sensory innervation is responsible for corneal epithelial defects, ulcer, and perforation. The most common causes of loss of corneal innervation are: viral infection (herpes simplex and herpes zoster keratoconjunctivitis), chemical burns, physical injuries, and corneal surgery. Neuroma, meningioma, and aneurysms may also determine a compression of the trigeminal nerve or ganglion and produce an impairment of corneal sensitivity. Furthermore, systemic diseases such as diabetes, multiple sclerosis, and leprosy may decrease sensory nerve function or damage sensory fibres compromising corneal sensitivity. The corneal epithelium is the first cell layer of the disease showing changes and defects, with poor predisposition to self-healing. The progression of the disease may lead to corneal ulcers, melting, and perforation leading to dramatic impairment to patients' sight.
"We are very pleased with this agreement which allows us to further enhance our pipeline of products for the treatment of severe rare conditions", declared Andrea Recordati, CEO and Vice Chairman. "We continue to be committed to finding innovative solutions for unmet medical needs of patients suffering from severe disabling diseases."
Recordati, established in 1926, is an international pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of more than 4,100, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Russia, other Central and Eastern European countries, Turkey, North Africa, the United States of America, Canada, Mexico and in some South American countries. An efficient field force of medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati is a partner of choice for new product licenses for its territories. Recordati is committed to the research and development of new specialties with a focus on treatments for rare diseases. Consolidated revenue for 2016 was € 1,153.9 million, operating income was € 327.4 million and net income was € 237.4 million.
For further information on Recordati:
Recordati website: www.recordati.com
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MimeTech Srl, was incorporated in December 2004 to develop the pharmaceutical applications of novel libraries of synthetic neurotrophin mimetics. As the native neurotrophins physiologically target a wide variety of cell types in many tissues, the biochemical signals delivered by MimeTech's compounds can prospectively be used to develop an ample array of drugs in diverse medical fields, in addition to the ophthalmologic applications licensed to Recordati.
Once run as a small Academy-born entity, MimeTech is now a rapidly growing BioTech Company, which progressively creates expert teams in key sectors such as Synthetic Chemistry, Pharmacology, Medicinal Chemistry and Regulatory Affairs, to build up the internal skills needed for an effective competition in the rapidly-changing world of pharmaceutical industry.
MimeTech's compounds are presently being developed to address largely unmet medical needs.
For further information on MimeTech:
Mimetech website: www.mimetech.eu
Statements contained in this release, other than historical facts, are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.