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Mati Therapeutics gains exclusive option to purchase QLT punctal plug delivery system technology assets

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Mati Therapeutics exclusively may opt to purchase assets associated with QLT’s punctual plug delivery system technology, according to a QLT Inc. news release.

If Mati exercises the asset purchase agreement, closing payment to QLT will be $750,000, along with milestone payments and a low single-digit royalty on global net sales of all products using or developed from the technology, according to the release.

The 90-day exclusive option was granted to Mati Therapeutics in exchange for $500,000, and 30-day extensions may be granted for an additional cost.

Mati Therapeutics is a development company associated with QLT’s former president and CEO, Robert Butchofsky. The punctal plug technology is a proprietary, minimally invasive system for delivering various drugs through controlled sustained release to the tear film.

“Divestiture of QLT’s punctal plug technology was an easily identifiable measure for rationalizing and refocusing the company’s strategy on its synthetic oral retinoid program,” Jason M. Aryeh, chairman of QLT’s board of directors, said in the release.