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."
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