WEST PALM BEACH, Fla., April 25, 2011 /PRNewswire/ -- The ophthalmic therapeutics company Xcovery Vision announced today that Sheridan G. Snyder, OBE, Chairman and CEO, and Dr. Ken Mandell, President and COO, will be speaking at The Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting in Fort Lauderdale Florida, May 1-5, 2011. Mr. Snyder's talk Perspective of a Serial Entrepreneur recounts his repeated success as founder of multiple biotech companies that include Genzyme, Upstate Biotechnology, Biotage and Molecular MD.
Dr. Ken Mandell will present preclinical study results with Xcovery Vision's novel angiogenesis inhibitor XV-615 currently being developed for age-related macular degeneration (AMD). This study Intravitreally Delivered VEGFR/PDGFR Inhibitor XV-615: Safety Assessment in Rabbits was conducted in collaboration with Massachusetts-based ocular therapeutics company EyeGate Pharma (www.eyegatepharma.com).
About the Ophthalmology Drug Market
Ophthalmic drugs constitute a prominent segment of the global pharmaceutical market. From 2003 to 2008, sales of ophthalmic medications nearly doubled from $2.9 billion to $5.2 billion in the U.S. alone. Globally, ophthalmic pharmaceuticals are growing at annual rate of 6% and expected to reach $33 Billion by 2023. This growth has been attributed in part to the aging population in which the prevalence of diseases such as age-related macular degeneration (AMD), diabetic retinopathy, glaucoma and dry eye syndrome are steadily rising. There is therefore an increasing need for novel therapies to provide treatment to this growing patient population.
About Age-related Macular Degeneration (AMD)
AMD is the leading cause of blindness in patients over 55 in the United States and affects 50 million people worldwide. More than 10 million people in U.S. are currently affected alone and this number is projected to double by 2020. The macula is part of the retina responsible for central vision, and AMD is characterized by slow deterioration of central visual acuity. Approximately 5-10% of patients with AMD develop abnormal blood vessel growth underneath the macula which leak and distort vision. This is known as "wet" (exudative) AMD. Current treatments for wet AMD involve monthly injections of medication directly into the eye.
XV-615 is novel tyrosine kinase inhibitor with dual activity against the vascular endothelial growth factor receptor (VEGFR) and platelet-derived growth factor receptor (PDGFR). Xcovery Vision is developing XV-615 as an extended-release intravitreal injection for wet AMD. Preclinical studies to date demonstrate safety, efficacy and formulation properties that are ideal for ophthalmic applications. XV-615 has the potential to improve efficacy for treatment of wet AMD because it targets two synergistic pathways mediated by VEGFR and PDGFR. As an extended-release formulation, XV-615 also has the potential to improve safety by reducing the frequency of injections into the eye.
About Xcovery Vision
Xcovery Vision is an ophthalmology therapeutics company founded in 2010 as subsidiary of Xcovery, LLC. Its core focus is to repurpose Xcovery's pipeline of novel kinase inhibitors for ophthalmic indications. For more information about Xcovery Vision please visit www.xcoveryvision.com.
Vice President of Business Development
SOURCE Xcovery Vision