BioLight and Integra will invest one million dollars in a new firm which will develop drugs for the treatment of eye diseases. Together they will own a 40% stake in X.L. Vision.
Technology, designed to improve penetration of drugs and various substances to the body, allows efficient and safe insertion of eye drops and may provide a solution for improving efficiency in the market and how to use the disease drugs eye front and the back of the eye.
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Under the agreement, the exclusive licensee and worldwide use of technology in the area of the eyes will ensure the rights of the new company all products of research, development, production, marketing and commercialization of this technology, and will allow the new company to grant sublicenses to technology companies or other entities. Applicants will be entitled to royalties as prescribed in the contract from future sales of development products.
Susanna Nahum-Silberberg, BioLight CEO, said, “This new collaboration is another step in expanding our portfolio cluster led by X.L. Vision eyes. Combining the existing knowledge and skills of BioLight, along with clinical experience accumulated in promoting business and technology in the area of the eyes in particular, will form a solid foundation for promoting the development of drugs on the basis of Technology developed by Professor Gertie. We believe that this technology may be a breakthrough in the field of drug delivery for eyes and improved efficacy of eye diseases.”
Dr. Liana Patt, CEO of Integra Holdings, said, “We are very proud of another innovative technology promotion of the Hebrew University and cooperation and the signing of a joint investment with BioLight.”
BioLight Life Sciences Investments Ltd. invests in, manages and commercializes biomedical innovations grouped into “clusters” around defined medical conditions. The two current clusters are in ophthalmology via 100% ownership of XLVision Sciences, and in cancer diagnostics via a 39.6% controlling ownership of Micromedic Technologies (TASE: MCTC). XLVision technologies include IOPtimate™, a laser-based noninvasive surgical treatment for glaucoma; TeaRx, a point-of-care dry-eye syndrome diagnostic test; and Eye-D®, a long-term controlled release drug-delivery implant platform. Micromedic diagnostic tests are designated for colorectal, cervical, breast, bladder, lung and other cancers.
BioLight is a public company traded on the Tel Aviv Stock Exchange (BOLT) and on the OTCQX (BLGTY).