AGTC, a privately held company, and Icagen, Inc. announced the completion of an agreement for the purchase and sale of certain patent rights between the companies. Icagen is transferring its rights to patents relating to the ion channel gene CNGB3, which has been linked to certain disorders of the eye.

Under the terms of the agreement, Icagen has assigned ownership of the patents to AGTC, which intends to use the patented technology for gene therapy as a potential treatment for Achromatopsia, a severe form of daytime blindness. Icagen has retained an exclusive license for small molecule therapeutics targeting this gene. Pursuant to the transaction, AGTC will make a $1.0 million payment to Icagen.

"AGTC has an ongoing commitment to the development of products in the field of ophthalmology," stated Sue Washer, president and CEO of AGTC. "Securing this important set of patent rights puts the company in an excellent position to move a treatment for Achromatopsia to the clinic."

Achromatopsia is an inherited condition that presents at birth with impaired visual acuity, lack of colour discrimination and extreme light sensitivity resulting in daytime blindness. There is no specific treatment for Achromatopsia, although deep red tinted spectacles or contact lenses can reduce symptoms of light sensitivity. Approximately 22,000 patients in the US and Europe suffer from this disease. Previous research has shown promising signs of efficacy in dog models of Achromatopsia.

AGTC is focused on the research and development of novel therapeutics for patients with unmet medical needs utilizing AGTC's proprietary, non-pathogenic adeno-associated virus (AAV) delivery system.

Icagen, Inc. is a biopharmaceutical company based in Research Triangle Park, North Carolina, focused on the discovery, development and commercialization of novel orally-administered small molecule drugs that modulate ion channel targets.