South Korea-based pharmaceutical company Hanmi Pharmaceutical invested $20m in US-based drug developer Allgro Opthalmics in conjunction with a licensing agreement for one of Allegro’s retinal treatments yesterday.
Hanmi will pay Allegro upfront license fees, sales milestone payments and royalties as a percentage of net sales as part of the agreement.
The license relates to a treatment called Luminate, which is currently undergoing several Phase 2 clinical trials in the US, South Korea and China.
Luminate is an intraocular injection that was developed to treat eye diseases such as diabetic macular edema, wet age-related macular degeneration and vitreomacular traction, which decrease vision and may lead to blindness.
Marc Kirshbaum, chief operating officer of Allegro Ophthalmics, said: “This strategic partnership is a validation of the clinical results to date and the potential of Luminate to be a valuable treatment option to millions of people who are at risk of vision loss and blindness, while providing Allegro with the capital required to significantly advance Luminate’s global clinical programme across multiple indications and phases.”