– Connections will provide opportunity for AbbVie to further expand its diverse eye care portfolio and provide additional treatment options for glaucoma patients
– Collaboration further supports the particular role of MINIject® in the treatment of glaucoma and accelerates goal to bring MINIject to more individuals globally
– Deal terms include a $60M upfront payment in order to iSTAR Medical
— iSTAR Healthcare to continue development plus commercialization associated with the MINIject device up to completion of the U. S. PMA study
NORTH CHICAGO, Ill. and WAVRE, Belgium , July 20, 2022 /PRNewswire/ — AbbVie (NYSE: ABBV) and iSTAR Medical SA, today announced a strategic transaction to further develop and commercialize iSTAR Medical’s MINIject ® device, a minimally invasive glaucoma surgical (MIGS) device with regard to patients along with glaucoma. This complementary alliance will support iSTAR Medical’s development and commercial efforts for MINIject ® , as well because provide an opportunity to expand AbbVie’s vision care business, building on its glaucoma portfolio which includes drops, sustained release implants, and stent offerings.
MINIject ® received Conformité Européenne (CE) marking approval to commercialize in European countries in the last quarter of 2021 and launched commercially within select Europe in early 2022. iSTAR Medical is currently enrolling a U. S. Premarket Approval research (STAR-V) to enable commercialization in the U. S.
“As a leading company in eye care with a commitment to a broad and diverse portfolio from the front to the back of the eye, along with our global footprint plus infrastructure within glaucoma, we are well-positioned to support bringing this MIGS offering to sufferers and glaucoma specialists through this strategic alliance, ” said Michael Robinson , M. D, Vice President, Global Therapeutic Area Head of Eye Care, AbbVie. “This connections with iSTAR Medical is an important step as we continue in order to be an innovator in glaucoma by maximizing the value of interventional approaches throughout the treatment paradigm. inch
“Today’s announcement will be validation associated with the transformational role of MINIject within the treatment associated with glaucoma, ” said Michel Vanbrabant , Chief Executive Officer, iSTAR Medical. “Our commitment has always been to allow more glaucoma patients globally to be treated effectively in a minimally-invasive manner with our MINIject ® MIGS device, and this alliance accelerates that will goal, especially in the United States . We will benefit from AbbVie’s strong worldwide experience plus knowledge base already established in glaucoma, and we are excited to be working with such a world class team. inch
Under the particular terms of the agreement, iSTAR Medical will receive a $60M non-dilutive in advance payment and will continue in order to develop and commercialize MINIject ® until completion of the STAR-V clinical study. AbbVie will hold the exclusive right to acquire iSTAR Healthcare and lead subsequent global development plus commercialization from the MINIject gadget. If AbbVie exercises the right to obtain iSTAR, the particular stockholders of iSTAR Medical would also be eligible to receive extra contingent payments of up to $475M in the closing payment and upon achievement associated with certain predetermined milestones.
iSTAR Medical will certainly remain an independent company through the completion of the STAR-V study. This particular financing may support the continued development and commercialization of MINIject ® , including ongoing medical studies and further enhancements to the particular technology. SVB Securities LLC acted since financial advisor to iSTAR Medical.
AbbVie’s mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges associated with tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, attention care, virology and gastroenterology, in addition to products and services across the Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com . Follow @abbvie upon Twitter , Facebook , Instagram , YouTube plus LinkedIn
About iSTAR Healthcare
iSTAR Medical is committed to delivering breakthrough eye treatment solutions. Our most advanced product, MINIject ® , is usually approved within Europe regarding the remedying of open-angle glaucoma – the leading cause of irreversible blindness – and we are usually aiming in order to seek market approval in the US. We believe MINIject ® ‘s distinctive tissue-integrating capabilities unlock a safer, plus more effective option intended for patients. We are building an exceptional team and pipeline of innovative items such as MINIject ® to establish new treatment paradigms in eyesight care conditions with the highest patient needs. For more information, please visit: www.istar-medical.com
About MINIject ®
MINIject ® is iSTAR Medical’s innovative MIGS device for individuals with main open-angle glaucoma. MINIject ® combines the unique porous structure of its proprietary STAR ® material with the power offered simply by the supraciliary space. As a result, it is designed to enhance natural fluid outflow, reducing intraocular pressure (IOP) as well as the need to get medication, while bio-integrating along with surrounding tissue, limiting inflammation, fibrosis and subsequent complications.
Glaucoma is definitely a progressive disease affecting over 100 million people globally, of which primary open-angle glaucoma is the most common form. 1 , 2 IOP reduction, via medication or surgery, helps delay disease progression. 3 Medication is generally the first line treatment, but the progressive addition associated with multiple drops can burden patients with side effects, compliance challenges and costs. one, 3 More invasive surgical options can present risks with irreversible complications plus often requires long-term patient management. 1, 3 MIGS is one of the most promising and fastest-growing glaucoma therapies due to the potential for an enhanced safety profile. 1
Some statements in this news release are, or even may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe, ” “expect, inch “anticipate, ” “project” and similar expressions, among others, generally identify forward-looking claims. AbbVie cautions that these forward-looking statements are subject to dangers and uncertainties that may cause actual results to differ materially through those indicated in the particular forward-looking statements. Such risks and questions include, but are not limited to, failure to realize the expected benefits from AbbVie’s acquisition of Allergan plc (“Allergan”), failure in order to promptly plus effectively integrate Allergan’s businesses, competition from other products, challenges to intellectual property, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable in order to our industry and the particular impact associated with public wellness outbreaks, epidemics or pandemics, like COVID-19. Additional information about the economic, competitive, governmental, technological and other factors that could affect AbbVie’s operations is set forth within Item 1A, “Risk Factors, ” of AbbVie’s 2021 Annual Report on Form 10-K, which has been filed using the Securities and Exchange Commission, as updated by the subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no obligation to release publicly any revisions to forward-looking claims as a result of subsequent events or developments, except as required by law.