Glaukos has struck a deal to license iVeena Delivery Systems’ IVMED-80, paying $10 million upfront for the global rights to the disease-modifying topical eye drop candidate that completed a phase 1/2a trial last year.
IVMED-80 is in development as a treatment for keratoconus, an eye condition in which the cornea thins and bulges over time, resulting in potentially significant loss of vision. The candidate is designed to treat keratoconus by activating the lysyl oxidase enzyme, thereby boosting collagen cross-linking and flattening the cornea.
In a six-month clinical trial, iVeena linked twice-daily dosing with IVMED-80 to a statistically significant reduction in baseline-adjusted mean maximum central keratometry (Kmax) of 1.0 D relative to placebo. Steeper Kmax, which characterizes corneal curvature, is associated with greater risk of corneal thinning.
Having hit the primary endpoint in the early-phase study, iVeena has opted to offload the asset rather than take it forward itself. Glaukos will now cover all future costs associated with the development and commercialization of IVMED-80 and pay development and sales milestones, plus royalties, to iVeena as the candidate advances.
“This deal validates the technology we have developed at iVeena to induce corneal crosslinking pharmacologically via eye drops. Glaukos is a strong partner to complete development of this product where, if approved, patients will have an additional keratoconus treatment option,” iVeena CEO Jerry Simmons said in a statement.
The deal leaves Glaukos, a company that has made its name with technologies to replace eye drops, with a candidate that has so far been developed as an eye drop in its pipeline. Glaukos’ pitch to replace eye drops in other indications is built on evidence that patient nonadherence often renders them ineffective.