Dyax and Fovea in deal for ophthalmic DX-88

US firm Dyax Corp and France's Fovea Pharmaceuticals have entered into an exclusive license agreement for the development and commercialization  of an ocular formulation of DX-88 for the treatment of retinal diseases.  The license grants Fovea exclusive marketing rights for the product in  ophthalmic indications in the European Union. Dyax retains marketing  rights for these uses in all territories outside the EU.

Under the terms of the agreement, Fovea will fund development of DX-88  for the treatment of RVO-induced macular edema (Retinal Vein Occlusion)  for approval in worldwide markets. For all other ophthalmic uses of  DX-88, Fovea will be responsible for developing the agent to meet EU  regulatory requirements and Dyax for any additional requirements needed  to obtain approval in territories outside the EU. Financial provisions  of the agreement call for each company to pay the other a tiered royalty  on net sales of DX-88 in their respective territories.

"This agreement, our third for DX-88 in less than a year, highlights the  significant value and broad therapeutic potential of this important and  versatile product," commented Gustav Christensen, chief executive of  Dyax, adding: "the Ophthalmic pharmaceutical market is a rapidly growing  field and Fovea is an innovative participant dedicated to its  advancement. We look forward to working with them and to expanding  DX-88's therapeutic application."