AScribe Newswire,Thursday, November 30, 2000
NY Nov. 30 - Eyetech Pharmaceuticals, Inc. announced today that it has signed a research and development agreement with Massachusetts Eye and Ear Infirmary [MEEI], a teaching affiliate of Harvard Medical School. The agreement, which provides for Eyetech sponsorship of research conducted in the Angiogenesis Laboratory of MEEI's Retinal Research Institute, gives Eyetech a strategic alliance for the development of breakthrough discoveries that treat diseases of the retina, such as macular degeneration and diabetic retinopathy.
Under the terms of the agreement, Eyetech will have the right of first negotiation for exclusive licenses for eligible intellectual property developed by the Laboratory through Eyetech's funding.
"This valuable collaboration with MEEI allows Eyetech at an early stage to identify and promote exciting ophthalmic diagnostic and treatment innovations from scientists who rank among the world's foremost researchers in ophthalmology," said David R. Guyer, M.D., Chief Executive Officer of Eyetech. "The Retinal Research team at MEEI has been a perennial leader in research breakthroughs in ocular disease. Our sponsorship of their work shows our commitment to combating eye disease with novel solutions, from the lab through testing to ultimate delivery to the patient. The agreement we have announced today provides the scientific and pre-clinical platform that will enable Eyetech to remain a leading biotechnology company focused on treating eye diseases."
The leaders of MEEI's Angiogenesis Laboratory Group - Evangelos S. Gragoudas, M.D., Anthony P. Adamis, M.D., and Joan W. Miller, M.D, - serve on Eyetech's Scientific Advisory Board and as Pre-Clinical Studies Directors for Eyetech. All three researchers have distinguished themselves through their groundbreaking research in the treatment of retinal diseases, macular degeneration and diabetic retinopathy.
The MEEI scientists say the additional funding from Eyetech will allow them to move further into drug discovery and to accelerate their search for new and better ways to develop and deliver drugs that treat eye disease.
"MEEI is extremely pleased to enter into this collaboration with Eyetech," said Dr. Gragoudas, a pioneer in ophthalmology research whose experience spans more than a quarter of a century. "We are working in one of the most exciting areas of ophthalmology research today-an area that holds tremendous promise. This collaboration will assist in developing new and better treatments for eye disease and in making them available to the public." Dr. Gragoudas, who is also a professor of ophthalmology at Harvard Medical School and director of the retinal practice at MEEI, added, "We look forward to working with the team of prominent ophthalmologists and experienced biotech executives at Eyetech who have the ability to take a concept from basic research through the pre-clinical and clinical development stages and ultimately to new drug approval."
Eyetech already has one drug in clinical trials. The drug, currently identified during clinical trials as Macugen™ (pegaptanib sodium), targets the "wet" form of age-related macular degeneration, the leading cause of blindness in adults over age 50. In wet 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. Macugen™ (pegaptanib sodium) aims to prevent the abnormal growth of blood vessels. Phase I clinical trials of Macugen™ (pegaptanib sodium) are taking place in leading medical centers around the country. Diseases of the retina strike millions of people. Macular degeneration and diabetic retinopathy are the two leading causes of blindness in adults in developed countries.
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.
Founded in 1824, the Massachusetts Eye and Ear Infirmary is an international center for treatment and research, and a teaching affiliate of Harvard Medical School. Information about the Massachusetts Eye and Ear Infirmary is available on its web site at http://www.meei.harvard.edu.
CONTACT:
Mary Leach, Massachusetts Eye and Ear Infirmary,
617-573-4170
