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Pfizer has obtained an exclusive option for a worldwide license to develop and commercialize Lpath Inc.?s lead monoclonal antibody product candidate (iSONEP), which is being evaluated for the treatment of wet age-related macular degeneration and other eye disorders.
New York, NY-Pfizer has obtained an exclusive option for a worldwide license to develop and commercialize Lpath Inc.’s lead monoclonal antibody product candidate (iSONEP), which is being evaluated for the treatment of wet age-related macular degeneration (AMD) and other eye disorders.
The drug is scheduled to begin a phase Ib clinical trial in patients with wet AMD and pigment epithelial detachment (PED) in the first quarter of this year and a phase IIa clinical trial in patients with wet AMD in the second quarter of this year. Under the terms of the agreement, Pfizer will pay $14 million to Lpath up front and will share the cost of the planned phase Ib and phase IIa trials.
After the two studies are completed, Pfizer will have the right to exercise its option for worldwide rights to the monoclonal antibody product for an undisclosed option fee. If Pfizer exercises its option, Lpath will be eligible to receive development, regulatory, and commercial milestone payments of up to $497.5 million. In addition, Lpath will be entitled to receive tiered double-digit royalties based on sales of the drug.
“We have been impressed by Lpath’s innovative approach in targeting bioactive lipids with [the monoclonal antibody] and the potential opportunity to add significantly to current standards of treatment in retinal disease,” said Mikael Dolsten, president of Pfizer worldwide research and development.
Scott Pancoast, chief executive officer of Lpath, said, “As we work with the Pfizer team to advance [the monoclonal antibody] through the next stage of clinical development, we expect to demonstrate further the important role that bioactive lipids play in disease processes.”