August 19, 2008
Canadian Bio Med Systems, Inc., Today Announced That It Has Completed an $80,000,000 Share Sale Agreement With Ocular Therapeutics, Inc.
NEW YORK, MONTREAL and SAN DIEGO, Aug. 19 /PRNewswire-FirstCall/ -- Canadian Bio Med Systems Inc., a wholly owned subsidiary of ICBS Limited (OTCPK: ICBT),) is pleased to announce that it has acquired the licensing rights to two new potentially revolutionary drugs in the ophthalmic arena.
The deal includes licenses for two compounds for treating glaucoma and age-related macular degeneration is valued at $80,000,000.
The drug for the treatment of glaucoma is being developed by Daniel Stamer, PhD and Ronald Heimark, PhD at the University of Arizona. Glaucoma is a prevalent eye disease is one of the leading causes of blindness in the world. Patient compliance is a serious problem in glaucoma because of the frequency which conventional medication is required. The new drug being developed in Arizona may change the paradigm of glaucoma therapy administration of the new drug would be once per month or perhaps once every six months.
Eugene Levin, PhD at Torrey Pines in San Diego, California is developing the new drug for age-related macular degeneration (AMD). The protein in this compound is derived from a larger, naturally occurring human protein which will be used to control dangerous vessel growth in the retina at the very back of the eye. Age-related macular degeneration is the leading cause of blindness for people over 50 years of age. The new drug being developed is a much smaller protein than other AMD drugs being used today which means it may be used less frequently.
"We are very pleased that we have concluded this agreement with Canadian Bio Med Systems, Inc. since it will allow for the development of these two very important products in two very important and sizable markets." Said Richard H. Keates, MD, Chairman of Ocular Therapeutics, Inc. "The products being developed could make a considerable difference in the treatment of two of the most serious ophthalmic condition today.
"Since both of these eye conditions are directly age related, they represent huge growth markets", said ICBS President Garth McIntosh.
Canadian Bio Med Systems has transferred 49% ownership to Ocular Therapeutics, Inc in exchange for the assets, which are valued at $80,000,000.
Additional joint research will commence in Canada under the direction of Dr. George Tsoukas. The company is expected to take advantage of the Canadian government research & development grants and other financial assistance programs.
Inter Canadian Business Service
CONTACT: Randy Bailey, Ocular Therapeutics Inc., (949) 228-4258; GarthMcIntosh, President & CEO, ICBS Limited, (514) 932-4402, http://www.icbs.ca/