BERLIN and WHIPPANY, N.J., Sept. 29, 2016 /PRNewswire/ -- Bayer and DelSiTech Ltd, a Finnish drug delivery technology and drug development company, have signed a Collaboration and Technology Licence Agreement for the worldwide application of DelSiTech's Silica Matrix drug delivery platform to a number of Bayer's compounds in ophthalmology.
"Successful ocular drug delivery is one of the biggest challenges in developing novel drug therapies for ophthalmic diseases.This agreement will support our work on innovative treatment options for a range of different eye diseases", said Professor Andreas Busch, member of the Executive Committee of Bayer AG's Pharmaceuticals Division and Head of Drug Discovery. "This partnership with DelSiTech underlines Bayer's continued commitment to leverage collaborations on cutting edge science in ophthalmology with the aim to improve the quality of life for patients."
"This partnership with Bayer is an exciting development for DelSiTech. It follows an already successful and long-lasting collaboration with Bayer in which our Silica Matrix technology has been evaluated", said Dr. Lasse Leino, CEO of DelSiTech. "We are very pleased that Bayer has chosen DelSiTech as its technology partner for ophthalmology drug delivery. It illustrates the great potential of biodegradable silica material in demanding drug delivery applications."
Under the agreement, DelSiTech is entitled to receive a number of undisclosed milestone payments triggered by the successful completion of different stages of development as well as milestone payments and royalties on commercialization and sales, respectively. Bayer will fund all development and commercialization costs of the collaborative projects.
DelSiTech Ltd., located in Turku, Finland, develops and commercializes its proprietary biodegradable silica based drug delivery technology. The Company collaborates with a number of pharma and biotech companies globally and works with its partners to turn their product ideas into novel drug products. For more information see www.delsitech.com.
Bayer: Science For A Better Life
Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and to its social and ethical responsibilities as a corporate citizen. In fiscal 2015, the Group employed around 117,000 people and had sales of EUR 46.3 billion. Capital expenditures amounted to EUR 2.6 billion, R&D expenses to EUR 4.3 billion. These figures include those for the high-tech polymers business, which was floated on the stock market as an independent company named Covestro on October 6, 2015. For more information, go to www.bayer.us.
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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