Eyegate Pharma (EYEG) Announces Receipt of Additional Milestone Payment from Valeant (VRX) Related to EGP-437 License
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EyeGate Pharmaceuticals, Inc. (Nasdaq: EYEG) announced that it has received an additional development milestone from a subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE: VRX) under the Company’s License Agreement with Valeant, pursuant to which EyeGate has granted Valeant exclusive, worldwide commercial and manufacturing rights to the Company’s EyeGate II Delivery System and EGP-437 combination product (the “Product”) in the field of uveitis, as well as a right of last negotiation to license the Product for other indications.
Under the License Agreement, the Company is eligible to receive milestone payments totaling up to $32.5 million upon and subject to the achievement of certain specified development-based and commercial milestones.
Stephen From, President and Chief Executive Officer of EyeGate Pharmaceuticals commented, “We are delighted with the progress we have made with the development of EGP-437 in uveitis, evidenced by this latest milestone payment under the Valeant agreement. The further advancement of EGP-437 not only in uveitis, but indications such as macular edema and post-cataract surgery pain and inflammation is an important driver of our future growth. We look forward to ongoing collaboration with Valeant in uveitis and to the continued independent development of EGP-437 in other indications.”
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