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news.Cell Cure Neurosciences has signed an exclusive license option agreement with Teva Pharma to develop and commercialise Cell Cure's OpRegen product for the treatment of age-related macular degeneration (AMD).
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OpRegen is a proprietary formulation of embryonic stem cell-derived retinal pigment epithelial cells designed by Cell Cure to help save the sight of the baby boomer generation.
The ongoing development of OpRegen by Cell Cure is funded through equity investments by BioTime, Teva and Hadasit Bio, made simultaneously with this agreement.
Additionally, non-dilutive funding for the development of OpRegen has been provided by the Office of the Chief Scientist of the Ministry of Industry, Trade and Labor of the State of Israel.
Cell Cure CEO Charles Irving said that in evaluating partners for the development of their products, they concluded that Teva represents the ideal partner for this program.
Subject to the terms of the agreement, if Teva exercises its option to obtain an exclusive license to OpRegen, Teva will have responsibility for funding clinical trials from that point on, obtaining regulatory approvals, and marketing the product.
As per the terms of the agreement, Cell Cure is expected to be entitled to receive milestone payments and royalties if certain development, regulatory and commercial milestones are achieved.
A portion of the milestone payments and royalties received by Cell Cure would be shared with BioTime’s subsidiary ES Cell International and with HBL’s affiliate Hadasit Medical Research Services and Development, the technology transfer arm of the Hadassah Medical Organization (HMO), which have licensed to Cell Cure certain patents and technology used in the development of OpRegen invented by professors Benjamin Reubinoff and Eyal Banin.