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news.US-based biotechnology company Dyax, and Fovea Pharmaceuticals, a French biopharmaceutical company, have entered into an exclusive licensing agreement for the development and commercialization of an ocular formulation of DX-88 for the treatment of retinal diseases.
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The license grants Fovea exclusive marketing rights for DX-88 in ophthalmic indications in the EU. Dyax retains marketing rights for these indications for all territories outside the EU.
Under the terms of the agreement, Fovea will fund development of DX-88 for the treatment of retinal vein occlusion-induced macular edema for approval in worldwide markets. For all other ophthalmic uses of DX-88, Fovea will be responsible for developing DX-88 to meet EU regulatory requirements and Dyax will be responsible 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.
Gustav Christensen, president and CEO of Dyax, said: This agreement, our second for DX-88 in less than a year, highlights the significant value and broad therapeutic potential of this important and versatile product. 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.