Arctic Vision Announces Exclusive License Agreement with Olympic Ophthalmics for iTEAR®100 for the Treatment of Dry Eye Disease in Greater China, South Korea and ASEAN Countries
iTEAR®100 is an FDA approved external neurostimulation device that increases the production of acute tears.
ISSAQUAH, Wash. and SHANGHAI, June 6, 2021 / PRNewswire / – Arctic vision, a clinical-stage biotechnology company specializing in innovative ophthalmic therapies for pan-ocular diseases, and Olympic Ophthalmics, a U.S. medical technology company pioneering neuromodulation treatments for ophthalmic diseases, jointly announced today an agreement exclusive license for Arctic Vision to develop and commercialize Olympic commercial stage product of ophthalmology, iTEAR®100, for the treatment of dry eye in Greater China (continent China, Hong Kong, Macau and Taiwan), South Korea and ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Burma, The Philippines, Singapore, Thailand and Vietnam).
Dry Eye Disease (DED) is a chronic, multifactorial disease of the ocular surface characterized by loss of tear film homeostasis, resulting in discomfort and visual impairment. Symptoms of DED include eye irritation, dryness, stinging, and eye strain, and chronic disease can have a cumulative, long-term influence causing corneal ulcer, perforation, or even blindness. As one of the most common ophthalmic diseases, it is estimated that in 2020 there were 1.5 billion and 960 million dry eye patients aged 15 years and over worldwide and in Asia respectively1. Current treatment modalities focus on lubricating the ocular surface and inhibiting the inflammatory response with agents, but most fail to enhance natural tear production.
ITEAR®100 is an FDA approved, non-invasive, drug-free neurostimulation device designed for the treatment of DED. Being the first neurostimulator to stimulate tear secretion by non-invasive stimulation of the external nasal nerve, the device provides immediate relief through natural tear production and increases the level of basal tear secretion. Neurostimulation can also improve the secretory function of the meibomian glands. Neurostimulation has been used successfully in medical devices, such as the pacemaker and implantable neurostimulators targeting pain relief. In the field of ophthalmology, Olympic Ophthalmics is one of the pioneering companies exploring the use of neurostimulation, with the potential to have a significant impact on the lives of ophthalmic patients worldwide. In the pivotal study2, iTEAR®100 showed sustained tear production and improvements in symptomatology with favorable safety and ease of use.
Dr Eddy (Hoi Ti) Wu, Founder, CEO and Board Director of Arctic Vision, said: “Dry eye is a common and chronic disease that hundreds of millions of patients across. Asia suffer from. We are delighted to enter into this partnership with Olympic Ophthalmics to bring iTEAR®100, their FDA-approved neurostimulation device, for Greater China, South Korea and ASEAN countries. We look forward to delivering this new device as an affordable and unique solution to patients with DED, which will also be an important step in consolidating our commercial capabilities. We remain committed to developing a portfolio of innovative therapies that will improve the lives of patients by China and Asia. “
Founder and CEO of Olympic Ophthalmics, Dr. Michael gertner said, “We look forward to working with Arctic Vision to develop and commercialize iTEAR®100 in Greater China, South Korea and ASEAN countries. With our team of entrepreneurs, clinicians and investors with deep expertise in ophthalmology, neuromodulation and medical devices, we are bringing a new class of neuromodulation technologies to eye care. We are very confident that the Arctic Vision team, with their strong and convincing track record in both R&D and commercialization in Asia, is the right partner for us to bring iTEAR®100 in key Asian markets, and relieves millions of patients by increasing the production of natural tears. “
1 DataMonitor report on healthcare. (2021). Market Spotlight: Dry Eye Disease. Extract of : https://pharmastore.informa.com/product/market-spotlight-dry-eye-disease/
2 Ji MH, Moshfeghi DM, PerimanL, KadingD, Matossian C, Walman G, MarkhamS, MuA, Jayaram A, Gertner M, Karpecki P, Friedman NJ. New extranasal tear stimulation: results of a pivotal study. Trans Vis Sci Tech. 2020; 9 (12): 23.
About Olympic ophthalmology
Olympic Ophthalmics, Inc. is a medical technology company pioneering patient-centered treatments for ophthalmic diseases using neuromodulation. The company is headquartered in Issaquah, Wash., And is primarily backed by BioStar Capital, a value-added, physician-led strategic investment firm focused on accelerating value creation for medical devices. transformational and connected health technologies. For more information, please visit www.olympicophtalmics.com.
About Arctic Vision
Arctic Vision is a Chinaclinical-stage specialist ophthalmology company with a cutting-edge portfolio of cutting-edge technologies. The company’s vision is to meet the unmet needs of ophthalmology through innovative therapies in China, Asia and globally. Arctic Vision was created by leading life science investors and is led by an elite team of ophthalmic industry veterans with substantial and compelling skills. China and global experiences in R&D and commercialization of eye care products. For more information, please visit www.arcticvision.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/arctic-vision-announces-exclusive-licensing-agreement-with-olympic-ophthalmics-for-itear100-for-the-treatment-of-dry-eye-disease- in-great-china-south-korea-and-asean-countries-301306415.html
SOURCE Arctic Vision