NEW YORK, NY, MONTREAL and SAN DIEGO, CA, July 22 /PRNewswire-FirstCall/ - Canadian Bio Med Systems Inc., a wholly owned subsidiary of ICBS Limited (ICBS) is pleased to announce that it has signed a preliminary agreement for the licensing rights to two new potentially revolutionary drugs in the ophthalmic arena from Ocular Therapeutics Inc.
Canadian Bio Med Systems Inc., has entered into an preliminary Agreement to acquire the licensing rights to two new technologies in a transaction with an American company Ocular Therapeutics Inc of California.
Ocular Therapeutics Inc owns the exclusive license to a patented technology (a small protein therapeutic LD22-4) for the treatment of the wet form of age related macular degeneration (AMD). AMD is one of the leading causes of severe vision loss and blindness in the adult population. Because LD22-4 directly targets a fundamental requirement for the proliferation of blood cells, i.e. cell migration, it is believed that its mode of action is distinct from other drugs that are on the market, or that are in development by other biotechnology or pharmaceutical companies.
The product under development by Ocular Therapeutics Inc (LD22-4) has the advantage of being a very small molecule meaning that fewer treatments will be needed compared to current therapies. This will help to reduce the pain and frequency of injection to the patient and potentially the cost of treatment.
Ocular Therapeutics Inc also owns the worldwide exclusive license to a patent pending technology for a novel strategy for reducing pressure build up in the eye using specific monoclonal antibodies. This non-surgical treatment of glaucoma can be administered to patients in all stages of the disease. It lowers intraocular pressure and thus may slow the damage to the retinal cells. Glaucoma is the leading cause of blindness in the world. It is a disease of the optic nerve, which carries images to the brain.
Glaucoma is caused by a buildup of pressure within the eye. Dr Richard Keates Chairman of Ocular Therapeutics Inc, stated that this method may be an effective alternative to available drugs that are currently on the market, and it is anticipated that visual acuity would not be adversely affected after treatment. Because the eye drops used to control Glaucoma are used so often the largest problem is with patient compliance. Patients just don’t use their drops as prescribed. In a recent study it was found that after six months of having their first prescription of glaucoma drugs, the patients only complied at a 40% level. The product under development at OTHI in conjunction with the University of Arizona has the remarkable prospect of needing to be used only once or twice per year by the patient. This will potentially change the paradigm of glaucoma treatment and vastly improve compliance.
Applications may include glaucoma treatment and adjuvant therapy with common eye surgeries such as cataract removal.
Garth McIntosh, President & CEO of ICBS, said that Canadian Bio Med Systems, plans to finance the ongoing R&D required to obtain necessary government approvals and bring these drugs to market as quickly as possible. It is estimated that $10,000,000 will be spent on this project over the next two years.
Canadian Bio Med Systems has agreed to transfer 49% ownership in Canadian Bio Med Systems to Ocular Therapeutics Inc in exchange for the foregoing described rights.
Canadian Bio Med Systems Ltd., is a Canadian medical development company that provides information and prevention kits for the Avian influenza and Avian Influenza A (H5N1) The company is constantly working to expand its medical horizons.
NB. This news release includes statements that constitute forward-looking statements. Please be aware that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the Company’s disclosure documents.
CONTACT: Randy Bailey, Ocular Therapeutics Inc., (949) 940-1300; Garth
McIntosh, President & CEO, Source: ICBS Limited, (514) 932-4402,
www.icbs.ca
