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PRP/OSI sustained-release Macugen collaboration

Executive Summary

A PR Pharmaceuticals/OSI collaboration to develop sustained-release Macugen, announced Jan. 11, grants OSI rights to license PRP's ProPhase encapsulation technology. Under the agreement, PRP will develop the new formulations of the neovascular age-related macular degeneration therapy and test article for non-clinical and clinical trials, while OSI will manage clinical development, manufacturing and marketing. PRP will receive an undisclosed up-front payment from OSI, which recently acquired Macugen (pegaptanib) developer Eyetech, as well as future milestone payments and royalties on net sales of any product resulting from the collaboration. Macugen is expected to face competition in the AMD market from Genentech's Lucentis in early 2006 (1"The Pink Sheet" Nov. 28, 2005, p. 4)...
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