TEL AVIV, Israel, Aug. 18, 2020 /PRNewswire/ -- Further to its announcement of March 12, 2020, Everads Therapy, a life sciences company developing the next generation of retina treatment delivery technologies, today announced a milestone achievement within the framework of its previously-announced collaboration with a global pharmaceutical company.
Everads has granted the pharmaceutical company a time-limited exclusivity for utilizing Everads' suprachoroidal delivery technology for the development of specific ocular targets. In exchange for exclusivity of these specific ocular targets, Everads will receive a milestone payment. Everads has retained the right to continue using and/or licensing its technologies to other parties for the development of other therapies towards targets not reserved under this collaboration.
Everads was established within the RAD BioMed accelerator to develop and commercialize a novel concept and method for the delivery of therapies to the suprachoroidal space. The technology was originally conceived by Dr. Ygal Rotenstreich, Head of the Electrophysiology Clinic and Director of the Retinal Research Laboratory at the Goldschleger Eye Institute, and licensed by Everads from the Sheba Medical Center at Tel Hashomer. The technology was further developed and optimized with the help of the DALI Medical Devices design team.
"The fact that this major pharmaceutical company has paid to secure exclusivity further demonstrates the groundbreaking potential of our suprachoroidal drug delivery technology," commented Mr. Moshe Weinstein, Everads Therapy's Executive Chairman. "We look forward to continued progress as we move through the pre-set R&D plan, which we are optimistic will lead the company to exercise its option for a commercial license."
About Everads Therapy
Everads Therapy Ltd. is an ophthalmology-focused life-sciences company developing a revolutionary delivery system for suprachoroidal delivery of injectable therapies. With the goal of overcoming significant challenges in current treatment methodologies for retinal and macular diseases, Everads' suprachoroidal delivery system offers the promise of improving the efficacy and safety of existing and potential drug therapies. Established in 2017, Everads Therapy was founded within the RAD BioMed accelerator and its underlying technologies have been licensed from the Sheba Tel Hashomer Medical Center in Israel. For more information, please visit www.everads-therapy.com.
Investor and Media Contacts:
Everads Therapy Ltd.
Sheba Medical Center
SOURCE Everads Therapy