SAN DIEGO, Dec. 12, 2013 /PRNewswire/ -- Lpath, Inc. (Nasdaq: LPTN), the category leader in lipid-targeted therapeutics, is no longer actively participating in Pfizer's process to assign the exclusive option it has for a worldwide license to develop and commercialize Lpath's iSONEP™. Pfizer has informed Lpath that its offers were not competitive with other offers.
Lpath's CEO, Scott Pancoast commented, "We made a serious effort to reacquire this asset, and we continue to believe in iSONEP's prospects. However, given our commitment to fiscal discipline and building shareholder value, we simply are not in a position at this time to increase our offer. We appreciate the competing interest shown in iSONEP by the other parties and look forward to Pfizer's process coming to a successful close."
San Diego-based Lpath, Inc. (NASDAQ: LPTN), an antibody-platform company, is the category leader in lipidomics-based therapeutics, an emerging field of medicine that targets bioactive signaling lipids for treating a wide range of human disease. Lpath's ImmuneY2™ drug-discovery engine has the unique ability to generate therapeutic antibodies that bind to and inhibit bioactive lipids that contribute to disease. The company has developed four drug candidates, two of which—iSONEP™ for wet AMD and ASONEP™ for cancer—are currently being investigated in Phase 2 trials. The other candidates are an anti-LPA antibody that holds promise in neuropathic pain and neurotrauma and an anti-leukotriene antibody that holds promise in respiratory disease. For more information, visit www.Lpath.com.
About Forward-Looking Statements
The company cautions you that the statements included in this press release that are not a description of historical facts are forward-looking statements. These include statements regarding Pfizer's plans to divest its exclusive option for a worldwide license to develop and commercialize iSONEP, third party interest in acquiring the exclusive option from Pfizer, and Pfizer's ability to successfully complete a sale of the exclusive option. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in the Company's business, including, without limitation: the results of the Company's preclinical studies and clinical trials may not support further clinical development and/or the commercialization of its drug candidates; the Company may not successfully complete additional clinical trials for its product candidates on a timely basis, or at all; the Company may fail to obtain required governmental approvals for any its drug candidates; the Company may not be successful in maintaining its commercial relationship with Pfizer Inc. or any third party who acquires Pfizer's exclusive option to iSONEP; and the Company may not be able to secure the funds necessary to support its preclinical-development and clinical-development plans. More detailed information about the risk factors and uncertainties that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC. These documents may be read free of charge on the SEC's website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
SOURCE Lpath, Inc.