EyeGate Receives Additional Milestone Payment From Valeant Pharmaceuticals for EGP-437
WALTHAM, Mass., March 02, 2016 (GLOBE NEWSWIRE) -- Eyegate Pharmaceuticals, Inc. (NASDAQ:EYEG) (“EyeGate” or the “Company”), a specialty pharmaceutical company that focuses on developing and commercializing therapeutics and drug delivery systems for treating diseases of the eye, today announced that it has received an additional development milestone from Valeant Pharmaceuticals Luxembourg S.à.r.l. (“Valeant”) under the Company’s License Agreement with Valeant for the development and commercialization of the Company’s EGP-437 combination product in the field of uveitis.
The Company is eligible to receive milestone payments totaling up to $32.5 million upon and subject to the achievement of certain specified developmental and commercial milestones.
Stephen From, President and Chief Executive Officer of EyeGate Pharmaceuticals commented, “I am pleased with the progress we have made in our collaboration with Valeant. This milestone payment is a reflection of the continued advancement of EyeGate’s drug development initiatives and further demonstrates the utility of our lead candidate, EGP-437 combination product, in anterior uveitis.”
About EyeGate:
EyeGate is a clinical-stage specialty pharmaceutical company that is focused on developing and commercializing therapeutics and drug delivery systems for treating diseases of the eye. EGP-437, the Company’s first and only product in clinical trials, incorporates a reformulated topically active corticosteroid, Dexamethasone Phosphate that is delivered into the ocular tissues through EyeGate’s proprietary innovative drug delivery system, the EyeGate(R) II Delivery System. For more information, please visit www.EyeGatePharma.com.
Safe Harbor Statement:
Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements include statements relating to, among other things, the commercialization efforts and other regulatory or marketing approval efforts pertaining to EyeGate’s products, including its EGP-437 combination product, as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, certain risk factors described under the heading “Risk Factors” contained in our Annual Report on Form 10-K filed with the SEC on March 31, 2015, or described in our other public filings. Our results may also be affected by factors of which we are not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. EyeGate expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
Contact: Lee Roth / Joseph Green The Ruth Group for Eyegate Pharmaceuticals 646-536-7012 / 7013 lroth@theruthgroup.com / jgreen@theruthgroup.com
Released March 2, 2016