Ark spins out eye drugs to Eyecopharm AG

UK-based Ark Therapeutics has signed an agreement to spin out its non-core discovery-stage anti-angiogenic peptides and peptoid leads and associated science to Germany's Eyecopharm AG, a new firm established in Hamburg by biotechnology entrepreneur Heinrich Schulte, the founder of Evotec AG and Endokrinologikum Medical.

Under the terms of the deal, Ark has licensed the specific application rights to its intellectual property for use in eye disease in return for a 9% equity carried interest in Eyecopharm and a single-digit royalty on future sales of products derived from its technologies. The latter will be responsible for conducting all preclinical and clinical work and financing going forwards. Ark will hold at least one position on Eyecopharm's board and will provide scientific advice and may perform contracted research. The UK firm says that its VEGF-based preclinical research programs have produced small peptides which have shown significant effects in reducing angiogenesis on the retina in established models. According to the firm, the peptide profiles provide a new anti-angiogenic approach without the risk of loss of vascular integrity in normal vessels and associated unwanted effects of non-specific VEGF suppression.