15 Nov 2016 13:20 ET
ACCESSWIRE VANCOUVER, BC / ACCESSWIRE / November 15, 2016 / iCo Therapeutics (TSXV: ICO) (OTCQX: ICOTF) ("iCo" or "the Company"), today announced a World Wide Exclusive Option and EU License Rights with Laboratorios SALVAT for a Novel Glaucoma Asset. Highlights: Glaucoma candidate a novel and potentially first in class asset Salvat to market glaucoma drug in EU with iCo receiving royalties Exclusive option to acquire asset outright over multiple development stage milestones aggregate payments either $4.25 M USD or $4.5M USD, based on option exercise timing iCo obtains a worldwide exclusive option to glaucoma asset for a maximum of nine months iCo diligence activities during option period to focus on commercialization of asset During option period minimal impact on corporate runway SALVAT will continue to pay intellectual property costs during option period to date 29 patents have been issued Stated Alberto Bueno, Laboratorios SALVAT CEO, "We are very pleased to be partnering with iCo. Through this collaboration we have the opportunity to accelerate the development of our novel dual action glaucoma asset, a condition currently treated with a combination of different drug classes that are associated with adverse events. Furthermore, our asset may address the unmet need of neuroprotection in patients suffering from glaucoma." Stated Andrew Rae, iCo Therapeutics President & CEO, "Today we have begun rebuilding our ophthalmology pipeline with the exclusive option to Salvat's novel glaucoma candidate. We look forward to working with our partner Salvat in the commercialization of this asset which addresses a market that is estimated to grow to $5 billion by 2018*". *Source: 2014 Market Scope Estimates; Courtesy Dave Harman. https://market-scope.com/ |