iCo will initially develop ISIS-13650 for the treatment of various eye diseases caused by the formation of new blood vessels such as age-related macular degeneration (AMD) and diabetic retinopathy.
As part of the agreement, iCo will pay Isis an upfront fee in exchange for the exclusive, worldwide license to ISIS-13650. The upfront fee will consist of cash and a convertible promissory note, which is convertible into iCo equity. iCo will also pay Isis milestone payments for key clinical and regulatory achievements and royalties on product sales. iCo will have sole responsibility for clinical development and commercialization of the drug.
“Isis is a leader in antisense technology and their chemistry in this area combined with our expertise in ophthalmology has all the elements necessary for a successful partnership and product,” commented Andrew Rae, president and CEO of iCo Therapeutics.
“We look forward to preparing and submitting the IND (Investigational New Drug) application to the US FDA and the commencement of clinical trials in humans in 2006,” added Mr Rae.
Ocular angiogenesis, the formation of new blood vessels in the eye, appears to be controlled by growth factors such as vascular endothelial growth factor (VEGF) and can lead to the obstruction of vision. ISIS-13650 is an antisense inhibitor of c-Raf kinase, an enzyme important in the signal transduction pathway triggered by VEGF and other important growth factors.
In preclinical studies, antisense inhibition of c-Raf kinase was associated with a reduction in the formation of new blood vessels in the eye, suggesting c-Raf kinase inhibition could be valuable in the treatment of both AMD and diabetic retinopathy.