BioLight Announces Issuance of U.S. Patent for the Long-Term Controlled-Release Drug-Delivery Insert Platform
TEL AVIV, Israel, July 2, 2014 /PRNewswire/ --
BioLight Israeli Life Sciences Investments Ltd. (TASE: BOLT) (OTCQX: BLGTY), a firm that invests in, manages and commercializes biomedical innovations grouped into clusters around defined medical conditions, announces the U.S. Patent and Trademark Office has issued patent number 8,765,166 covering the device that is inserted into the eye to treat an ocular condition that contains an active agent of a free acid salt form of a prostaglandin with a low elution rate profile that is contained in the long-term controlled-release insert platform. The patent will be in effect at least until May 2031. This patent covers the technology used in Eye-D®, the company's controlled-release latanoprost insert currently in a Phase 1/2a clinical study in the U.S. for the treatment of glaucoma.
BioLight, through its wholly owned subsidiary ViSci Ltd., holds an exclusive option from Novaer LLC to a worldwide exclusive license for any use of the insert's proprietary technology. Use of such insert is an effective therapeutic solution to the well-known poor compliance rates with chronic eye-drop administration in ophthalmology.
Glaucoma, which is associated with increased pressure within the eye, causes damage to the optic nerve that may lead to full or partial blindness, and is considered the second most common cause of blindness worldwide. According to estimates commonly accepted in the field, there are now about 67 million people worldwide that suffer from the disease. Glaucoma is usually a chronic disease that requires lifelong treatment, and the global market for drug therapy and surgery is estimated at $4 billion annually.
BioLight Life Sciences Investments invests in, manages and commercializes biomedical innovations grouped into "clusters" around defined medical conditions. Its two current clusters are in ophthalmology via 100% ownership of XLVision Sciences and in cancer diagnostics via a 29% controlling ownership of Micromedic (TASE: MCTC). XLVision technologies include IOPtiMate™, a laser-based noninvasive surgical treatment for glaucoma; TeaRx, a point-of-care dry-eye syndrome diagnostic test; and Eye-D®, a long-term controlled release insert platform. Micromedic diagnostic tests are designed to detect colorectal, cervical, breast, bladder, lung and other cancers.
BioLight's leading investors, holding about 45% of BioLight's shares, are Mr. Israel Makov, Chairman of Sun Pharmaceuticals, former CEO and President of Teva Pharmaceuticals and former Chairman of Given Imaging; Mr. Dilip Shanghvi, founder and managing director of Sun Pharmaceuticals, India's largest pharmaceutical company; and Mr. Dan Oren, founder and CEO of Dexcel Pharma, the second-largest pharmaceutical manufacturer in Israel.
For more information please visit the Company's website at http://www.bio-light.co.il.
Itai Bar-Natan, CFO (firstname.lastname@example.org)
SOURCE BioLight Israeli Life Sciences Investments Ltd.