Sustained-release formula in works for neovascular AMD

PR Pharmaceuticals Inc. (PRP) and OSI Pharmaceuticals entered an agreement to develop a sustained-release formula of pegaptanib sodium injection (Macugen), a novel treatment for neovascular age-related macular degeneration.

The agreement gives OSI and its development and marketing partner Pfizer access to PRP's proprietary ProPhase technology for encapsulating pegaptanib sodium injection for ophthalmic use. OSI's eye disease unit, Eyetech Pharmaceuticals, is responsible for clinical development activities and has the right to manufacture and commercialize the resulting product.