Mati Therapeutics Announces Purchase of Rights From Novelion Therapeutics Inc.
Eliminates All Potential Future Payment Obligations to Novelion
AUSTIN, Texas--(BUSINESS WIRE)--Mati Therapeutics Inc. (“Mati”) announced that it has purchased all rights related to Mati’s Evolute Punctal Plug Delivery System (PPDS) from Novelion Therapeutics Inc. (“Novelion”). This purchase is part of Novelion’s voluntary liquidation process.
Mati previously acquired the intellectual property and other assets comprising the PPDS from Novelion (formerly QLT Inc.) in April 2013. As part of the purchase agreement, Mati was obligated to potentially pay Novelion certain development and commercial sales milestones, royalties on sales of products to third parties, and a share of consideration received by Mati from third parties for any transfer, license or sale of rights related to the PPDS. The purchase of rights announced today completely eliminates any and all future payment and other obligations from Mati to Novelion related to the PPDS.
“The elimination of any and all potential future payments to Novelion is an important value-driver to Mati,” said Bob Butchofsky, CEO of Mati. “If we are successful in our goal to progress the PPDS to later stage clinical development and ultimately to commercial sales, we will now have no financial obligations to Novelion. This is potentially highly valuable to Mati and its shareholders and it enhances our opportunities for business development related to the PPDS.”
About Mati Therapeutics Inc.
Mati is developing the Evolute® sustained ocular drug delivery platform, which Mati believes has the potential to treat a range of ocular indications. The platform utilizes a device called a punctal plug, which is easily inserted into a patient’s punctum. The device has already been approved to treat dry eye syndrome, but Mati is the first to conduct clinical trials in the U.S. using punctal plugs as an anchoring device for a drug delivery platform. A drug-eluting core is inserted into Mati’s proprietary punctal plug, which allows medication to be continuously released into the tear film of the eye over a period of time. Mati believes the Evolute® platform has the potential to become a more reliable alternative to several eye drop therapies, which can be ineffective because many patients are unwilling or unable to adhere to self-administered eye-drop regimens.
Mati has completed multiple Phase II clinical trials using the Evolute® platform, including multiple trials in glaucoma, ocular hypertension, and allergy patients. Mati’s proprietary punctal plug design has demonstrated excellent lower punctum retention rates of 92% and 96% over a 12-week follow-up period in two separate multi-center U.S. clinical trials.
Contacts: Mati Therapeutics Inc. Bob Butchofsky, CEO, 512-329-6360 firstname.lastname@example.org