EyeGate Pharmaceuticals (EYEG -2.3%) earns another milestone payment from Valeant Pharmaceuticals' (VRX +0.3%) Luxembourg-based subsidiary related to its EGP-437 combination product with the EyeGate II Delivery System. It is eligible to receive up to $32.5M in milestones under its July 2015 agreement for uveitis. It earned its first milestone in March.
EyeGate II utilizes a low level electrical current to deliver a specific amount of drug to the eye via a process called iontophoresis. The non-invasive method overcomes many of the non-compliance issues associated with eye drops and the challenges of invasive (injection) treatments. EGP-437 is a corticosteroid that treats the inflammation in the uveal tract (middle layer of the eye).
Previously: Valeant inks license deal with Eyegate Pharma (July 10, 2015)
Now read: RICO And The NYPD Could Sink Valeant »
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