QLT has acquired OT-730 from Othera Pharmaceuticals and its wholly-owned subsidiary, Othera Holding, (together, Othera) for a one-time payment of $7.5m in cash. OT-730 is a prodrug of a beta adrenergic antagonist (a type of beta blocker) under investigation for the treatment of glaucoma.
Reportedly, in a phase I/II study conducted by Othera, OT-730 was demonstrated to be safe and well tolerated in glaucoma patients who have been topically administered with an eye drop formulation.
Additionally, the results of study suggested that OT-730 may have comparable efficacy to timolol, but without the cardiovascular side-effects often associated with that drug. QLT is hopeful that further clinical trials will demonstrate that OT-730 can ultimately find its place in what is currently estimated to be a billion dollar world-wide market for beta blockers. QLT intends to develop formulations of the drug that may include higher dosages and a sustained release profile.
Bob Butchofsky, president and CEO of QLT, said: “We are pleased to add OT-730 to our ocular portfolio. We believe OT-730 is an intriguing molecule and we are excited to continue developing the compound as a stand-alone eye drop and evaluating its potential for use in sustained release systems.”