PRNewswire
NEW YORK, MONTREAL and SAN DIEGO, CA, Feb. 11 /PRNewswire-FirstCall/ - Canadian Bio Med Systems Inc., a subsidiary of ICBS Ltd., (OTCPK: ICBT), and Ocular Therapeutics Inc. of San Diego California, announced that it has acquired the licensing rights to two new potentially revolutionary drugs in the billion dollar ophthalmic arena.
The drug for the treatment of glaucoma is being developed by Daniel Stamer, PhD and Ronald Heimark, PhD at the University of Arizona. Glaucoma is a prevalent eye disease is one of the leading causes of blindness in the world. Patient compliance is a serious problem in glaucoma because of the frequency which conventional medication is required. The new drug being developed may change the paradigm of glaucoma therapy.
Eugene Levin, PhD at Torrey Pines in San Diego, California is developing the new drug for age-related macular degeneration (AMD). The protein in this compound is derived from a larger, naturally occurring human protein which will be used to control dangerous vessel growth in the retina at the very back of the eye. The new drug being developed is a much smaller protein than other AMD drugs being used today which means it may be used less frequently.
"We are very pleased that we have this agreement with Canadian Bio Med Systems, Inc. since it will allow for the development of these two very important products in two very important and sizable markets." Said Richard H. Keates, MD, Chairman of Ocular Therapeutics, Inc. "The products being developed could make a considerable difference in the treatment of two of the most serious ophthalmic condition today.
Additional joint research is expected to commence in Canada under the direction of Dr. George Tsoukas of McGill University.
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