Nicox SA and Ocumension Therapeutics announced that they have entered into an exclusive license agreement for the development and commercialization of Nicox’s product candidate, NCX 470, targeting patients with glaucoma or ocular hypertension for a territory comprising mainland China, Hong Kong, Macau and Taiwan. Ocumension Therapeutics is an ophthalmology company funded by 6 Dimensions Capital, one of the leading global healthcare investment funds, formed by the merger of Wuxi Healthcare Ventures and Frontline BioVentures.
Ocumension will receive exclusive rights to develop and commercialize NCX 470, at its own cost, in the agreed territory. Under the terms of the agreement, Nicox will receive a one-time upfront payment of €3 million from Ocumension and a further €2.5 million when Nicox initiates a Phase 3 clinical study with NCX 470 outside the territory of this agreement. Under this agreement, Nicox is also eligible to receive up to an additional €14.5 million in milestones associated with Ocumension’s progress with NCX 470, up to and including regulatory approval, and up to €16.25 million split over three separate sales milestones associated with potential sales in the territory of up to €200 million, as well as tiered royalties from 6% to 12% on sales.
“This collaboration offers Nicox the opportunity to access the fast-growing Chinese ophthalmology market in partnership with an emerging player” said Gavin Spencer, Executive Vice President, Chief Business Officer of Nicox. “Ocumension, which is financed by leading investors, has a strong team, both for development and commercialization, with significant ophthalmology experience and we look forward to developing NCX 470 in the Chinese market with them.”
“Ocumension is focused on bringing novel ophthalmic therapeutics to the Chinese market, and so we welcome the opportunity to partner with Nicox, one of the leading R&D companies in the glaucoma space, to develop NCX 470,” said Ye Liu, Chief Executive Officer of Ocumension. “We believe the novel NO-donating mechanism of action of NCX 470 offers significant innovation and potential benefits for patients in our region.”
Ocumension is expected to have to conduct additional clinical studies for the regulatory approval of NCX 470 in the Chinese market. All development activities will be overseen by a Joint Development Committee comprising representatives of both companies, with Ocumension responsible for undertaking all the activities at its own cost.