Post by luxetvox on Jan 29, 2024 18:37:15 GMT
Funny how Opko can trace one of its origin stories to Opthomology. Which became, unsurprisingly, a dead end. So here we are, 15 years later, and one of our HGH competitors must have had a gleam in its eye, so to speak...
New Company Eyconis Formed to Develop Ascendis Pharma Ophthalmology Assets with $150 Million Commitment from External Investors
2024-01-29 13:30:00.19 GMT
COPENHAGEN, Denmark, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S
(Nasdaq: ASND) today announced the formation and launch with Frazier Life
Sciences of Eyconis, Inc., a separate company created to develop, manufacture,
and commercialize TransCon ophthalmology assets globally, together with an
investor syndicate that includes Frazier, RA Capital Management, venBio, and
HealthQuest Capital.
Ascendis Pharma has granted Eyconis exclusive rights to develop and
commercialize TransCon ophthalmology products globally and received an equity
position in the newly formed company. In addition, Ascendis will be eligible
to receive development, regulatory, and sales milestone payments of up to $248
million, plus single digit royalties on global net sales of commercialized
products, if any. Eyconis will initially be based in Redwood City, California,
and certain employees of Ascendis are expected to join the newly formed
company.
Eyconis is led by ophthalmology industry veteran, Emmett Cunningham, M.D.,
Ph.D., MPH, Senior Partner at HealthQuest Capital, who joins Eyconis as
Executive Chairman, and experienced biopharmaceutical executive Oliver Boris
Stauch, who joins Eyconis as Chief Operating Officer after serving previously
as Head of Ophthalmology at Ascendis Pharma.
“The opportunity for Eyconis is tremendous, given the acknowledged need for
improved ophthalmology treatments, particularly in wet age-related macular
degeneration (AMD), diabetic macular edema (DME), retinal vein occlusion (RVO)
and geographic atrophy (GA),” said Dr. Emmett Cunningham, Eyconis' Executive
Chairman. “We believe the TransCon technology platform will be the first to
achieve long-acting and effective delivery of multiple clinically validated
biologics - which together constitute the most commonly used therapies for the
major causes of retinal blindness. With the expertise of the Eyconis team and
access to TransCon technology, we believe Eyconis is well-positioned to
develop innovative, best-in-class therapies for retinal disease.”
In addition to Dr. Cunningham, Daniel Estes, Ph.D., and Anna Chen, Ph.D., from
Frazier, Conrad Wang, M.D., from HealthQuest Capital, and Yvonne Yamanaka,
Ph.D., from venBio have joined the board in connection with the financing.
Ascendis has the right to designate one individual to the board.
“Through partnership with experts who have significant knowledge and deep
experience in ophthalmology, we have an opportunity to apply our unique
TransCon technology platform to develop new treatment options to address large
unmet medical needs beyond our core focus in endocrinology rare disease,” said
Jan Mikkelsen, Ascendis Pharma’s President and Chief Executive Officer. “The
formation of Eyconis is a great example of how we are working to leverage the
broad potential of TransCon in new therapeutic areas to create value for
patients, shareholders and society.”
New Company Eyconis Formed to Develop Ascendis Pharma Ophthalmology Assets with $150 Million Commitment from External Investors
2024-01-29 13:30:00.19 GMT
COPENHAGEN, Denmark, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Ascendis Pharma A/S
(Nasdaq: ASND) today announced the formation and launch with Frazier Life
Sciences of Eyconis, Inc., a separate company created to develop, manufacture,
and commercialize TransCon ophthalmology assets globally, together with an
investor syndicate that includes Frazier, RA Capital Management, venBio, and
HealthQuest Capital.
Ascendis Pharma has granted Eyconis exclusive rights to develop and
commercialize TransCon ophthalmology products globally and received an equity
position in the newly formed company. In addition, Ascendis will be eligible
to receive development, regulatory, and sales milestone payments of up to $248
million, plus single digit royalties on global net sales of commercialized
products, if any. Eyconis will initially be based in Redwood City, California,
and certain employees of Ascendis are expected to join the newly formed
company.
Eyconis is led by ophthalmology industry veteran, Emmett Cunningham, M.D.,
Ph.D., MPH, Senior Partner at HealthQuest Capital, who joins Eyconis as
Executive Chairman, and experienced biopharmaceutical executive Oliver Boris
Stauch, who joins Eyconis as Chief Operating Officer after serving previously
as Head of Ophthalmology at Ascendis Pharma.
“The opportunity for Eyconis is tremendous, given the acknowledged need for
improved ophthalmology treatments, particularly in wet age-related macular
degeneration (AMD), diabetic macular edema (DME), retinal vein occlusion (RVO)
and geographic atrophy (GA),” said Dr. Emmett Cunningham, Eyconis' Executive
Chairman. “We believe the TransCon technology platform will be the first to
achieve long-acting and effective delivery of multiple clinically validated
biologics - which together constitute the most commonly used therapies for the
major causes of retinal blindness. With the expertise of the Eyconis team and
access to TransCon technology, we believe Eyconis is well-positioned to
develop innovative, best-in-class therapies for retinal disease.”
In addition to Dr. Cunningham, Daniel Estes, Ph.D., and Anna Chen, Ph.D., from
Frazier, Conrad Wang, M.D., from HealthQuest Capital, and Yvonne Yamanaka,
Ph.D., from venBio have joined the board in connection with the financing.
Ascendis has the right to designate one individual to the board.
“Through partnership with experts who have significant knowledge and deep
experience in ophthalmology, we have an opportunity to apply our unique
TransCon technology platform to develop new treatment options to address large
unmet medical needs beyond our core focus in endocrinology rare disease,” said
Jan Mikkelsen, Ascendis Pharma’s President and Chief Executive Officer. “The
formation of Eyconis is a great example of how we are working to leverage the
broad potential of TransCon in new therapeutic areas to create value for
patients, shareholders and society.”