Isotechnika Inc. has signed an agreement with Lux Biosciences, Inc. of Jersey City, New Jersey granting Lux Biosciences worldwide rights to develop and commercialize Isotechnika's lead drug, ISA247 for the treatment and prophylaxis of all ophthalmic diseases.
ISA247 is a novel calcineurin inhibitor currently being investigated in a phase III trial for the treatment of moderate to severe psoriasis and a phase IIb trial for the prevention of organ rejection following transplantation.
Under the terms of the agreement, Lux Biosciences, Inc. will make upfront and milestone payments to Isotechnika. Assuming all development milestones are achieved, the amount of this deal will be $32,700,000 USD with Isotechnika receiving an upfront payment of $3 million USD.
Lux Biosciences, Inc. will pay Isotechnika royalties based percentage of net sales. Lux Biosciences, Inc. has exclusive worldwide marketing rights of ISA247 for all ophthalmic indications. Lux Biosciences, Inc. would be responsible, at its sole expense, for pre-clinical and clinical development, registration, and marketing of ISA247 for all ophthalmic indications. Isotechnika will be providing input on clinical trial design and will be reviewing and consulting on all regulatory filings. A Joint Steering Committee ("JSC") with equal membership from Isotechnika and Lux Biosciences, Inc. will be formed to oversee the development and commercialization of all ophthalmic indications.
"This agreement reconfirms the versatility of ISA247 as a multi-platform technology," stated Dr. Randall Yatscoff, Isotechnika's president and CEO. "Lux Biosciences' team has extensive experience in this area and we are extremely pleased to have them as a partner. We believe this agreement provides us with another opportunity to optimize shareholder value," he added.
Dr. Ulrich Grau, Lux Biosciences president and CEO comments, "We are delighted to be able to partner ISA247 for ophthalmic indications, and I commend Isotechnika for its great efforts behind its flagship molecule. We are highly impressed with the emerging profile of ISA247 that combines efficacy with superior safety. We believe that ISA247 has the potential to become the calcineurin inhibitor of choice with great potential in several indications, including ophthalmic indications."