PR Pharmaceuticals, Inc. has entered into an exclusive agreement with OSI Pharmaceuticals to collaborate on the development of a sustained release formulation of Macugen (pegaptanib sodium injection), a novel treatment for neovascular age-related macular degeneration (neovascular AMD), using PRP's proprietary ProPhase encapsulation technology.

Under the terms of the collaboration, PRP grants OSI Pharmaceuticals an exclusive license to use PRP's ProPhase technology with respect to Macugen in the treatment of eye diseases. The agreement gives OSI and its development and marketing partner Pfizer access to a proprietary method for encapsulating Macugen for use in ophthalmology. PRP is responsible for developing the formulations and manufacturing the test article for non-clinical and clinical trials. OSI, through its eye disease unit (OSI) Eyetech, is responsible for clinical development activities and has the right to manufacture and commercialize any resulting product, stated a PR Pharma release.

"This collaboration brings together the scientific and technical expertise to develop a sustained release formulation of Macugen, our breakthrough medicine for neovascular AMD," said David Guyer, chief executive officer of (OSI) Eyetech and executive vice president of OSI Pharmaceuticals. "Dosing convenience is important for retina specialists and patients who are fighting age-related blindness," he added.

"For PRP, this agreement demonstrates the value of our broad intellectual property estate and expertise in the formulation of sustained release large molecules," said Steve Howe, chief executive officer of PRP.

PRP received an undisclosed upfront payment from (OSI) Eyetech and also will receive payments for achieving certain milestones and royalties on net sales of any products resulting from the collaboration. OSI will reimburse PRP for efforts carried out by PRP in support of the collaboration.

Macugen is indicated in the United States for the treatment of neovascular age-related macular degeneration (neovascular AMD). It is a pegylated anti-VEGF aptamer, which binds to vascular endothelial growth factor (VEGF).