Glaukos Inks Licensing Pact For Rare Eye Disorder Treatment

iVeena Delivery Systems Inc has entered into a strategic licensing agreement with Glaukos Corporation GKOS, granting an exclusive global license to develop and commercialize IVMED-80, a pharmacologic treatment for keratoconus.
Keratoconus, a rare corneal disorder, is the leading cause of primary full-thickness corneal transplantation in the U.S.
IVMED-80 is a proprietary disease modifying topical eye drop with orphan drug designation that upregulates lysyl oxidase (LOX) and induces pharmacologic corneal crosslinking to strengthen the cornea and treat keratoconus.
Related: Glaukos Receives FDA 510(k) Clearance For iStent infinite.
In a 6-month phase 1/2a study, IVMED-80 met its primary endpoint of a statistically significant reduction in baseline-adjusted Kmax of 1.0 D relative to placebo.
Glaukos paid $10 million upfront and will assume all costs associated with the development and regulatory activities on IVMED-80.
In addition, deal terms include the potential for development and sales milestone payments and royalties on sales to iVeena.
Price Action: GKOS shares are up 2.67% at $50.73 on the last check Wednesday.