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news.iCo Therapeutics has entered into a technology transfer agreement with Isis Pharmaceuticals to transfer certain technology related to the manufacture of iCo-007 to iCo in support of producing clinical grade drug product for iCo's planned Phase II clinical program.
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Designed and discovered by Isis Pharmaceuticals, iCo-007 is a second-generation antisense drug targeting c-Raf kinase for the treatment of DME and diabetic retinopathy.
In consideration for the technology transfer, iCo is expected to issue to Isis a warrant to purchase 235,000 shares of iCo’s Common Stock at an exercise price of $0.61. The Warrant is expected to have a term of two years.
Andrew Rae, CEO of iCo, said: “Once again, our partner Isis has given its support for iCo and our iCo-007 program. This Agreement enables us to begin the process of generating a clinical supply of iCo-007 for our planned Phase II clinical trial.”
Lynne Parshall, COO and CFO of Isis Pharmaceuticals, said: “An important component of our business is to encourage and support the advancement of antisense drugs, including those drugs our satellite company partners are developing.
“Recently, iCo reported the results of a Phase I study in patients with diffuse diabetic macular edema that demonstrated iCo-007 was well tolerated with a good safety profile and a positive trend toward a reduction in retinal thickness.
“We look forward to the initiation of a Phase II program in patients with diffuse diabetic macular edema.”