EyeGate Pharmaceuticals has received an additional development milestone from a subsidiary of Valeant Pharmaceuticals International, Inc. 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 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, “Throughout the year, we have made significant progress in the clinical development of EGP-437 in uveitis, supported by the multiple milestone payments received from Valeant during 2016. Overall, we believe that 2017 could be a transformational year for EyeGate, as we remain on track to submit the NDA for potential FDA approval of EGP-437 in uveitis by the end of the year and are targeting significant milestones in our independent programs evaluating EGP-437 in other indications.”