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Canadian Bio Med Systems to acquire licensing rights for AMD, glaucoma drugs

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MONTREAL — Canadian Bio Med Systems has signed a preliminary agreement for the licensing rights to two new drugs with ophthalmic indications from Ocular Therapeutics., Canadian Bio Med Systems announced in a press release.

Ocular Therapeutics owns the exclusive license to a patented small molecule called LD22-4 that targets abnormal cell migration for treating wet age-related macular degeneration.

The company also owns the exclusive global license to a patent pending technology for a novel glaucoma treatment that uses specific monoclonal antibodies that reduce IOP and may slow retinal cell damage.

Canadian Bio Med Systems, a subsidiary of ICBS Limited, plans to finance the ongoing research and development required to obtain necessary government approvals to bring these drugs to market as quickly as possible. The company estimates that the project will cost $10 million over the next 2 years.

In exchange, Canadian Bio Med Systems will transfer 49% ownership in Canadian Bio Med Systems to Ocular Therapeutics, according to the release.