InSite Vision Signs International Licensing & Distribution Agreement for AzaSite® in Japan & Taiwan With Nitten Pharmaceutic...
2009年4月2日 - 9:15PM
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InSite Vision (NYSE Amex:ISV) today announced that it has signed
an exclusive international licensing and distribution agreement for
AzaSite� (azithromycin ophthalmic solution) 1% with Nitten
Pharmaceutical Co., Ltd., one of the top ten Japanese ophthalmic
pharmaceutical companies. AzaSite contains a broad-spectrum
antibiotic formulated with InSite Vision�s patented DuraSite� drug
delivery vehicle to enhance the retention time of the antibiotic on
the surface of the eye. AzaSite offers the benefit of a less
frequent and more convenient dosing regimen in a safe and effective
therapy for the treatment of bacterial eye infections.
Under the terms of the agreement, Nitten is responsible for
securing regulatory approval and has exclusive rights to
commercialize AzaSite for ocular bacterial infection in Japan and
Taiwan. Nitten will pay InSite one million U.S. dollars upon the
execution of the license agreement, followed by milestone payments
of one million dollars upon the first regulatory submission and one
million dollars upon the first regulatory approval. After approval,
Nitten will also pay a double-digit royalty on net sales of AzaSite
in Japan and on net royalties from Taiwan, where Nitten intends to
use a partner to commercialize AzaSite. InSite Vision will
initially be responsible for manufacturing AzaSite.
�Nitten has a track record of success in marketing both branded
and generic ophthalmic products and is well-positioned to be our
commercial partner for AzaSite in Japan and Taiwan,� said Louis
Drapeau, Chief Executive Officer of InSite Vision. �As we expand
our international partnerships to bring AzaSite to patients
globally, Nitten represents the type of established market
leadership and commercial expertise necessary to assure commercial
success for AzaSite.�
�We are pleased to license AzaSite considering the positive
acceptance this unique ocular antibiotic has experienced in the
United States. We believe there is a significant market opportunity
in both Japan and Taiwan for this product, and we look forward to
establishing this product in our markets as soon as possible,� said
Ayumi Uetake, President of Nitten.
AzaSite was approved for bacterial conjunctivitis (pink eye)
treatment by the United States Food and Drug Administration (FDA)
in April 2007, and was commercially launched in the United States
for the treatment of bacterial conjunctivitis by Inspire
Pharmaceuticals, Inc. in August 2007. AzaSite received regulatory
approval from Health Canada on March 31, 2009. Inspire
Pharmaceuticals is responsible for marketing AzaSite in the U.S.
and in Canada. InSite Vision is seeking additional international
partners for commercialization and distribution of AzaSite outside
of North America.
About Nitten
Nitten Pharmaceutical Co., Ltd, with headquarters in Nagoya,
Japan, is a private company established in 1919. It is one of the
ten largest ophthalmic pharmaceutical companies in Japan and
employs more than 200 people with sales in excess of US
$35,000,000.
About InSite Vision
InSite Vision is committed to advancing new and superior
ophthalmologic products for unmet eye care needs. InSite is
recognized for the discovery and development of novel ocular
pharmaceutical products based on its DuraSite� bioadhesive polymer
core technology, an innovative platform that extends the duration
of drug delivery on the eye�s surface, thereby reducing frequency
of treatment and improving the efficacy of topically delivered
drugs. By formulating the well-established antibiotic azithromycin
in DuraSite, InSite developed the lowest-dosing ocular antibiotic
for the treatment of bacterial conjunctivitis (pink eye) available
to the United States ophthalmic market, AzaSite� (azithromycin
ophthalmic solution) 1%. AzaSite is marketed by Inspire
Pharmaceuticals in the United States and will be marketed by
international partners in South Korea, four countries in South
America, Turkey and China upon approval in those countries.
InSite�s ophthalmic product development portfolio also includes
ISV-502, which is currently in Phase 3 pivotal trials for the
treatment of eye and eyelid infection and inflammation and
additional product candidates leveraging the company�s core
technologies. For further information on InSite Vision, please
visit www.insitevision.com.
Forward Looking Statements
This news release contains certain statements of a
forward-looking nature relating to future events, such as the
timing of approval of AzaSite in Japan and Taiwan, the expected
success and market share of AzaSite in Japan and Taiwan, the
potential success of Nitten's commercialization and marketing
efforts, the benefits of AzaSite, InSite's expected development and
commercialization of additional anti-infective therapies using
DuraSite sustained delivery technology, InSite's corporate goals,
and the proposed indications and clinical status of the company's
other product candidates. Such statements entail a number of risks
and uncertainties, including but not limited to: InSite Vision's
ability to obtain additional funding to continue its operations;
its reliance on third parties, including Inspire and Nitten, for
the commercialization of AzaSite and its other products; the
ability of InSite Vision to enter into additional corporate
collaborations for AzaSite outside the U.S. and Canada and with
respect to its other product candidates; Nitten's ability to
successfully obtain approval for and market AzaSite in Japan;
Inspire's ability to successfully market AzaSite in the United
States and Canada; the clinical results of InSite's product
candidates; InSite Vision's ability to expand its technology
platform to include additional indications; InSite Vision's ability
to maintain and develop additional collaborations and commercial
agreements with corporate partners, including those with respect to
AzaSite, ISV-502, AzaSite Xtra; and its ability to adequately
protect its intellectual property and to be free to operate with
regard to the intellectual property of others; and determinations
by the FDA, including those with respect to ISV-502. Reference is
made to the discussion of these and other risk factors detailed in
InSite Vision's filings with the Securities and Exchange
Commission, including its annual report on Form 10-K and its
quarterly reports on Form 10-Q, under the caption "Risk Factors"
and elsewhere in such reports. Any forward-looking statements or
projections are based on the limited information currently
available to InSite Vision, which is subject to change. Although
any such forward-looking statements or projections and the factors
influencing them will likely change, InSite Vision undertakes no
obligation to update the information. Such information speaks only
as of the date of its release. Actual events or results could
differ materially and one should not assume that the information
provided in this release is still valid at any later date.
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