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news.InSite Vision has licensed commercialization rights to Inspire Pharmaceuticals for its anti-infective product, AzaSite, for the treatment of bacterial conjunctivitis.
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The agreement covers commercialization rights in the US and Canada for the drug which is currently under new drug application review by the FDA. According to InSite, the global market opportunity for topical ocular anti-infective products currently exceeds one billion dollars.
AzaSite contains the drug azithromycin, an antibiotic formulated with DuraSite, InSite’s patented drug-delivery vehicle.
If approved, it is anticipated that AzaSite will become the first ocular antibiotic with a once daily dosing regimen after an initial loading dose, which may increase patient compliance and therapeutic efficacy.
The agreement provides that Inspire Pharmaceuticals will pay InSite Vision an upfront license fee of $13 million and an additional $19 million milestone payment contingent on regulatory approval by the FDA. Inspire will also pay a royalty on net sales of AzaSite.
“The AzaSite license agreement and related collaboration with Inspire represents the first step in realizing the global opportunity provided by our azithromycin/DuraSite drug-delivery platform. This platform will allow us to pursue additional anti-infective products and indications worldwide,” stated S. Kumar Chandrasekaran, InSite Vision’s CEO.