Celtic Therapeutics, a successor firm to Celtic Pharma, and Resolvyx Pharmaceuticals have entered into an option agreement relating to Resolvyx’s RX-10045, a late-stage programme for the treatment of dry eye syndrome and other ophthalmic conditions.
In connection with the RX-10045 option agreement, Celtic Therapeutics purchased a note convertible into Resolvyx equity.
Under the terms of the option agreement, Celtic Therapeutics has an exclusive option to acquire and license rights to Resolvyx’s RX-10045, in all eye indications. RX-10045 is scheduled to enter a Phase III randomised, placebo-controlled, multi-centre study in 2011.
As part of the agreement, Celtic Therapeutics may also license rights to and develop another Resolvyx compound in a topical formulation for ophthalmic indications.
Resolvins are a recently discovered family of naturally-occurring, small molecule lipid mediators that can be targeted to treat a wide range of diseases.
“Celtic Therapeutics is excited to invest in Resolvyx’s groundbreaking technology, which has already demonstrated impressive efficacy and safety in patients with dry eye syndrome,” says Peter B. Corr, co-founder and managing general partner of Celtic Therapeutics. “The market for dry eye products has grown substantially over the past several years, despite the fact that most patients are not satisfied with current therapeutic options. With the potential for improved efficacy, a much faster onset of action, an improved tolerability profile, and a strong patent estate, we believe RX-10045, if approved, would represent an important step forward in the treatment of this widely prevalent condition.”
“We are delighted to be allied with Celtic Therapeutics in maximizing the therapeutic potential of Resolvins to treat dry eye syndrome and other eye disease,” says Jamie Nichols, chief operating officer at Resolvyx. “Celtic Therapeutics brings both the capital and the world class development expertise to advance RX-10045 through Phase III development in dry eye and to maximize the potential of Resolvins to treat eye disease more broadly. This will allow Resolvyx to dedicate our resources to pursue the exceptional therapeutic potential of resolvins for non-ophthalmic diseases.”
