Everads Therapy Enters Into Option Agreement With Global Pharma Company to License Everads' Suprachoroidal Delivery System for Retinal Disease Therapies
TEL AVIV, Israel, March 12, 2020 /PRNewswire/ -- Everads Therapy, an early-stage life sciences company developing the next generation of retinal treatment delivery technologies, today announced that it has signed an option agreement with a large global pharmaceutical company. This is Everads' first commercial agreement, and its signing supports the potential of its technology to overcome certain risks and side effects associated with current retinal disease treatment options. Established in 2017 within the RAD Biomed incubator, Everads was established to develop and commercialize a groundbreaking concept and method created by Dr. Ygal Rotenstreich, Head of the Electrophysiology Clinic and Director of the Retinal Research Laboratory at the Goldschleger Eye Institute, and licensed from the Sheba Medical Center at Tel Hashomer.
Under the terms of the agreement, the pharma company will evaluate Everads' suprachoroidal delivery system with a number of its pipeline products according to a mutually-agreed-upon pre-clinical research plan. As part of the agreement, the pharma company has been given an exclusive option to enter into a license agreement to use Everads' delivery system in combination with its treatments for specific targets, in exchange for a pre-defined up-front fee, milestone payments and ongoing royalties.
"With excitement building about the advantages of delivering retinal therapies via the suprachoroidal space, we are very pleased that an important player in the ophthalmology field has elected to evaluate our technology," commented Mr. Moshe Weinstein, Everads Therapy's Executive Chairman and architect of the agreement. "This agreement builds confidence in the potential benefit of our differentiated and superior approach to suprachoroidal drug delivery."
Building on Dr. Rotenstreich's extensive research, Everads, with the assistance of Dr. Rotenstreich's lab and the DALI Medical Devices design team, has further developed Dr. Rotenstreich's concept into a novel suprachoroidal delivery system. Based on favorable preclinical results, Everads believes its delivery system overcomes significant technical challenges in effective suprachoroidal injection, and may provide superior outcomes as compared to today's intravitreal and subretinal injections.
Mr. Hagay Drori, Everads' COO, commented, "The Everads System will provide the delivery technology that may make it possible to create a new generation of more effective therapies: advanced treatments that are safer and that reach their targets more effectively. Ultimately, our hope is that our technology will enable improved treatment of macular disease, reducing the suffering of millions throughout the world."
About Everads Therapy
Everads Therapy Ltd. is a lifesciences company developing a revolutionary drug and cell-therapy delivery system for delivering injectable therapies to the back of the eye. With the goal of overcoming significant challenges in current treatment methodologies for retinal and macular diseases, Everads' delivery system offers the promise of improving the efficacy and safety of existing and potential drug therapies. Established in 2017, Everads Therapy operates within the RAD Biomed incubator in Tel Aviv, Israel. Its underlying technologies have been licensed from the Sheba Tel Hashomer Medical Center. For more information, please visit www.everads-therapy.com.
Investor and Media Contacts:
Everads Therapy Ltd.
Sheba Medical Center
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SOURCE Everads Therapy