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