PR Pharmaceuticals Inc. (PRP) signed 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 commercialise any resulting product, claims a company release.

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

Macugen is indicated in the United States for the treatment of neovascular age-related macular degeneration (neovascular AMD) and is administered in a 0.3-mg dose once every six weeks by intravitreal injection. Macugen is a pegylated anti-VEGF aptamer, which binds to vascular endothelial growth factor (VEGF).