Celtic Therapeutics, Resolvyx Pharmaceuticals announce agreement to develop dry eye treatment

NEW YORK — Private equity firm Celtic Therapeutics Holdings and Resolvyx Pharmaceuticals have entered into an option agreement relating to a resolvin being developed by Resolvyx for treating dry eye syndrome and other ophthalmic conditions, Celtic Therapeutics announced in a press release.

Under the terms of the option agreement, Celtic Therapeutics has purchased a note convertible into Resolvyx equity and now has an exclusive option to acquire and license rights in all ophthalmic indications for RX-10045, a preservative-free synthetic analogue of the resolvin RvE1 that has demonstrated potent anti-inflammatory and cell survival potential in dry eye. Specifically, RX-10045 produced dose-dependent, significant improvements in the signs and symptoms of dry eye while maintaining adequate safety and tolerability in a large, placebo-controlled, phase 2 study, according to the release.

Celtic Therapeutics may also claim licensing and developing rights to additional Resolvyx compounds for ophthalmic indications, the release said.

"With the potential for improved efficacy, a much faster onset of action, an improved tolerability profile, and a strong patent estate, we believe RX-10045, if approved, would represent an important step forward in the treatment of this widely prevalent condition," Peter B. Corr, co-founder and managing general partner of Celtic Therapeutics, said in the release.

RX-10045 is scheduled to enter a randomized, placebo-controlled, multicenter, phase 3 study in 2011.