BTIG Reaffirms Ocular Therapeutix (OCUL) at 'Buy' Amid Regeneron (REGN) Collaboration; Offers Commentary
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Analyst Dane Leone noted the following on Friday:
- Benefit of sustained-release VEGF depot. If successfully developed, the sustained-release depot could potentially reduce the dosing frequency substantially, thereby reducing treatment burden of anti-VEGF agents, as well as potentially extend patent protection.
- Favorable terms. If REGN exercises the option, OCUL is entitled to receive $10M from REGN, milestone payments of up to $305M and high single-digit to low-to-mid teen-digit royalties on net product sales. OCUL will be responsible for the Phase I trial, while REGN will be responsible for all following clinical, regulatory and commercial costs. Management mentioned that there are additional formulary work and toxicity studies that need to be done before the program enters clinical trials (detailed timing not provided).
- Encouraging preclinical data. The protein-based anti-VEGF depot and TKI depots were shown to have sustained release of the drugs for up to 6 months, inhibit vascular leakage and have a good in vivo tolerability profile (minimal inflammatory response).
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