Copyright 2000 Business Wire, Inc., NY & SLC,Tuesday, October 24, 2000
Eyetech Pharmaceuticals, Inc. and IOMED, Inc. (AMEX: IOX) today announced agreement on a collaborative effort to develop a non-invasive drug delivery system for Eyetech's investigational therapy targeting age-related macular degeneration (AMD), the leading cause of blindness in adults over age 50. Under this collaboration, Eyetech's therapeutic, known as EYE001, will be tested in IOMED's OcuPhor™ non-invasive transscleral delivery system for active drug transport to the retina and sub-retinal tissues of the eye. Financial terms of the agreement were not disclosed.
In macular degeneration, abnormal blood vessels grow behind the retina, which is the light-sensitive layer of tissue in the back of the eye. These small vessels leak blood and eventually destroy the retina. The drug delivery system in development aims to transport EYE001 to the retina to prevent the abnormal growth of blood vessels.
David Guyer, M.D., Chief Executive Officer of Eyetech, stated, "The alliance between Eyetech and IOMED will allow us to address one of the most urgent ophthalmic health concerns we face today. An estimated 200,000 new cases of "wet" macular degeneration-the most damaging form-are diagnosed in the United States each year. As the population ages, this devastating disease will strike increasing numbers of people."
EYE001 targets the "wet" form of macular degeneration, which presents the greatest threat to vision. EYE001 has been shown in pre-clinical studies to inhibit angiogenesis or the growth of new blood vessels. The drug is also expected to address diabetic retinopathy, the leading cause of blindness in working-age adults. Clinical trials of EYE001 using intravitreal injections are under way to determine the efficacy of the drug in treating AMD and other retinal diseases.
"We are delighted to announce our first ophthalmic collaboration with such a prestigious organization," commented Steve Hamilton, Executive Vice President at IOMED responsible for the Company's ophthalmology programs. "The Eyetech collaboration is consistent with our strategy to partner our innovative transscleral drug transport system for use with a number of development-stage and marketed pharmaceutical compounds to address significant drug-delivery challenges in ophthalmology."
Eyetech Pharmaceuticals, Inc. is a privately-held, New York City-based biopharmaceutical company dedicated to developing and commercializing novel drugs to reduce and prevent vision loss caused by eye disease. The company is also focused on developing new technologies to deliver drugs safely to the back of the eye. Eyetech has brought together experienced pharmaceutical industry executives and a world class team of thought-leaders in ophthalmology from medical centers such as Harvard, Stanford, the University of Chicago, Johns Hopkins and Columbia. They bring extensive management and clinical experience to designing, implementing, testing and commercializing products to treat diseases of the eye.
IOMED, Inc. is a Salt Lake City-based specialty pharmaceutical company focused on addressing significant unmet clinical needs in two primary therapeutic areas, local inflammation and ophthalmics. The company has developed a platform technology for the non-invasive, site-specific delivery of drugs into the eye to treat serious conditions such as age-related macular degeneration, diabetic retinopathy and macular edema, as well as inflammation and infectious disease. IOMED's proprietary OcuPhor™ system may represent a substantial improvement over current intra-ocular injection and surgical implant technology.
The statements contained in this news release that are not purely historical are forward-looking statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and include IOMED's beliefs, expectations or intentions regarding its future operations and financial condition. All forward-looking statements included in this news release are made as of the date hereof and are based upon information available to IOMED as of such date. IOMED assumes no obligation to update any forward-looking statement. It is important to note that actual outcomes could differ materially from those in such forward-looking statements. Readers should also refer to the risk factors and other disclosures set forth in IOMED's filings with the Securities and Exchange Commission on Form 10-K for its fiscal year ended June 30, 2000.
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