NEW YORK, MONTREAL and SAN DIEGO, Sept. 28 /PRNewswire-FirstCall/ - Canadian Bio Med Systems Inc., a subsidiary of ICBS Ltd., (OTCPK: ICBT),) , and Ocular Therapeutics Inc., of San Diego California, announced today that the company will be moving the AMD project to Canada to take advantage of the R&D funding by both the Canadian and provincial governments.
Age-Related Macular Degeneration (AMD) is the leading cause of blindness, worldwide, for people over 55 years of age. This debilitating disease has proven to be difficult to treat and only a very few drugs have been developed which have positive effects.
The drug under development by Canadian Bio Med Systems , has a very different mode of action than the current therapeutic products. It can be used alone or in conjunction with these currently available products.
"We have already demonstrated in several different animal models that angiogenesis is dramatically suppressed in the presence of LD22-4," said Eugene Levin, Ph.D., He added, "The proposed method of administration of LD22-4, intravitreal injection, is commonly used to administer ophthalmic drugs and generally accepted by patients facing the prospect of blindness and other serious back of the eye complications. However we believe that our therapy can be adopted to offer a less invasive method of administration that may have a competitive advantage over one administered by intravitreal injection."
LD22-4 is currently in Phase One studies and a patent application has been filed for the therapeutic use of this product.
The market for products treating AMD has been estimated at over $2 billion annually and growing at a rate of over 10% yearly as the population ages.
The Research & Development tax credit programs in Canada, offer the company the ability to receive back up to 75% of the costs involved with the development of the AMD drug. The company has had preliminary talks with a Federal government representative and expects to apply for the R&D grant this fall.
SOURCE: Canadian Bio Med Systems Inc., ICBS Limited
www.icbs.ca www.canadianbiomed.com
NB. This news release includes statements that constitute forward-looking statements. Please be aware that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the Company's disclosure documents.
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