BERLIN and FORT COLLINS, Colo., April 10, 2008 (PRIME NEWSWIRE) -- Jerini AG (FSE:JI4) and PR Pharmaceuticals announced today a license and development agreement between Jerini Ophthalmic, Inc. (JOI), a wholly-owned and independently operated U.S. subsidiary of Jerini AG, and PR Pharmaceuticals (PRP). The collaboration agreement focuses on the development of sustained-release formulations (SRFs) for a range of ophthalmic indications, including JOI's lead drug candidates for the treatment of age-related macular degeneration (AMD): JSM 6427, an integrin antagonist, and JPE 1375, an inhibitor of the complement cascade. Under the terms of the agreement, JOI will pay an undisclosed upfront payment along with milestone payments for the achievement of preclinical and clinical goals and royalties on eventual product sales. In return, PRP agrees to cooperate exclusively with JOI on specified ophthalmic targets and to provide the company with all sustained-release formulations developed through the collaboration agreement.
"Our collaboration with PRP will allow us to leverage our ophthalmic drug development expertise with PRP's proven drug delivery platform and formulation resources, enhancing our ability to move our compounds from feasibility to commercial products. Developing new agents and treatment paradigms for AMD is essential, and our ophthalmic compounds offer novel therapeutic potential to address this debilitating disease," said David Shima, Chief Scientific Officer at JOI.
Anthony P. Adamis, CEO and President of JOI stated, "We look forward to working with the outstanding scientific team at PRP to develop sustained-release formulations that will effectively manage retinal disease while reducing the treatment burden for patients."
"The opportunity to work closely with Jerini Ophthalmic on developing a sustained-release formulation for each of its new drug candidates is very exciting for us and represents yet another endorsement of our unique technology platforms by an important pharmaceutical partner," said Patrick Bols, President of PRP.
About AMD
Age-related macular degeneration (AMD) is the leading cause of blindness in people over the age of 55. With age being the primary risk factor for AMD, its prevalence will increase dramatically with the aging baby-boomer population. Significant vision loss develops when afflicted eyes go on to develop advanced AMD, which is characterized either by abnormal blood vessel growth and leakage or by retinal atrophy.
About Jerini
AG Jerini is a pharmaceutical company based in Berlin, Germany, focusing on the discovery, development, and commercialization of novel peptide-based drugs. The company pursues disease indications that have limited or no treatment options and has built a drug pipeline composed of its own programs, as well as others in collaboration with established partners. Jerini's lead compound, Icatibant for the treatment of hereditary angioedema (HAE) is under regulatory review with the EMEA and FDA and decisions from the agencies are expected in the first half of 2008. Jerini has also established several in-house development programs, which address indications within the therapeutic areas of ophthalmology, oncology, and inflammatory disease. For more information, please see www.jerini.com.
About PR Pharmaceuticals, Inc.
PR Pharmaceuticals (PRP) is a biopharmaceutical company developing, manufacturing, and commercializing bioactive compounds in its injectable sustained-release technologies. The company has a significant intellectual property position in the encapsulation of large molecules such as proteins and peptides as well as encapsulation of classic small molecules into biodegradable microparticles. PRP is applying compelling and patented technology to create a diverse range of candidate pharmaceutical products to address unmet medical needs.
About Jerini Ophthalmic, Inc.
Jerini Ophthalmic, Inc. is an independently operated and wholly-owned subsidiary of Jerini AG, which focuses on the rapid development of novel, highly specific therapeutics for eye diseases and extended-release formulations for chronic eye diseases. The company is currently conducting a Phase I clinical trial evaluating JSM 6427 for the treatment of AMD and results are expected in the second half of 2008. JSM 6427 is a small molecule in development to prevent the progression of dry AMD to wet AMD, an unmet medical need affecting over 600,000 patients in the United States. For more information, please visit www.jophth.com.
ISIN: DE0006787476