EyeGate gets additional milestone payment from Valeant

EyeGate Pharmaceuticals (NASDAQ:EYEG) has received an additional development milestone from a subsidiary of Valeant Pharmaceuticals International (NYSE, TSX:VRX).

EyeGate previously granted Valeant exclusive, worldwide commercial and manufacturing rights to its EyeGate II Delivery System and EGP-437 combination product in the field of uveitis, as well as a right of last negotiation to license the product for other indications.

Under the license agreement, EyeGate is eligible to receive milestone payments totaling up to $32.5-million, subject to achieving certain specified development-based and commercial milestones.

“We are delighted with the progress we have made with the development of EGP-437 in uveitis, evidenced by this latest milestone payment under the Valeant agreement,” Stephen From, president and CEO of EyeGate, said in a statement.

“The further advancement of EGP-437 not only in uveitis, but indications such as macular edema and post-cataract surgery pain and inflammation is an important driver of our future growth,” he added. “We look forward to ongoing collaboration with Valeant in uveitis and to the continued independent development of EGP-437 in other indications.”