CIBA Vision Partners With British Pharma Company To Explore Further Applications for Photodynamic Therapy
DULUTH, Ga., Nov. 30 /CNW/ -- CIBA Vision, the eye care unit of
Novartis, has signed a co-development agreement with Destiny Pharma, a growing
technology company based in Brighton, England. The agreement grants CIBA
Vision exclusive global rights to develop Destiny's photodynamic therapy
technology for the treatment of ophthalmic diseases.
Under the agreement, CIBA Vision will pay Destiny a series of milestone
payments and royalties, and will take over development once the current
research program is completed. Destiny Pharma retains all rights for this
technology platform for other disease indications. This project originated
from an early discovery program developed jointly by Destiny Pharma with the
School of Chemistry at the University of East Anglia and partly funded by the
UK Department of Trade and Industry.
"This agreement complements our current research and development efforts
in the emerging photodynamic therapy platform and significantly strengthens
our commitment to be the innovation leader in eye care," said Luzi von Bidder,
president of CIBA Vision's worldwide Ophthalmics Business Unit based in
Bulach, Switzerland. "We look forward to the significant advances and
commercial opportunities this partnership will provide."
"We are delighted to have CIBA Vision as a partner in this effort," said
Destiny Pharma CEO Dr. Bill Love. "Their technological and commercial
strengths in the global ophthalmic market will ensure that our technology is
well developed."
This new investment is CIBA Vision's second significant entry into
ophthalmic photodynamic therapy, solidifying the company's leadership position
in this exciting new treatment area. This agreement comes within the overall
arrangement with QLT Inc. to develop photodynamic therapy for the eye, a
partnership that has already produced Visudyne therapy, a breakthrough therapy
for age-related macular degeneration, currently under review by the US Food
and Drug Administration (FDA) and other regulatory agencies worldwide.
Destiny Pharma has also concluded an initial financing agreement with the
Novartis Venture Fund under which Novartis will take a 10 percent equity stake
in Destiny Pharma.
The Novartis Venture Fund operates worldwide to support new foundation
projects that show exemplary entrepreneurial and innovative spirit in future-
oriented areas, especially in the fields of Life Sciences and new
technologies. Over the past three years since its inception, it has fostered
and supported the creation of 62 new companies.
With worldwide headquarters in Atlanta, Georgia, USA, CIBA Vision is a
global leader in research, development and manufacturing of optical and
ophthalmic products and services, including contact lenses, lens care
products, ophthalmic pharmaceuticals, and ophthalmic surgical products. CIBA
Vision products are available in more than 70 countries. For more
information, you are invited to visit the CIBA Vision website at
www.cibavision.com .
CIBA Vision is the eye care unit of Novartis AG, a world leader in Life
Sciences with core businesses in Healthcare, Agribusiness and Consumer Health
(Nutrition and Self-Medication). In 1998, Novartis Group sales were USD
21.8 billion, of which USD 12.0 billion were in Healthcare, USD 5.8 billion in
Agribusiness and USD 4.0 billion in Consumer Health. The group annually
invests more than USD 2.5 billion in R&D. Headquartered in Basel,
Switzerland, Novartis employs about 85,000 people and operates in over
140 countries around the world.
Destiny Pharma was incorporated in 1996 and conducts proprietary and
contract research within the pharmaceutical R&D business sector. Destiny's
primary mission is to identify and develop patented therapeutic pharmaceutical
technologies for exploitation by the pharmaceutical industry. |
