Bio-Light Israeli Life Sciences Investments Ltd. (TASE:BOLT) has acquired a new product for its ophthalmic cluster. The company yesterday signed a non-binding memorandum of understanding to acquire an ocular implant for sustained release of drugs for the treatment of glaucoma from a US company. Bio-Light currently has one subsidiary developing a glaucoma treatment IOptima. The company did not disclose the name of the seller or the financial terms of the deal.
The seller will give Bio-Light a worldwide exclusive option for an exclusive license for use of the implant technology, including R&D, commercialization, production, distribution, marketing, sales and services, for a fixed lump sum when the option is exercised.
IOptima's R&D team will be responsible for development of the ocular implant. If and when Bio-Light makes an exit on the technology, it will pay the seller an additional lump sum. Bio-Light will decide whether to exercise the option depending on success in developing the ocular implant.
Former Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) CEO Israel Makov founded Bio-Light as a holding company of clusters of medical devices and drug development companies. Its CEO is Suzana Nahum-Zilberberg. Makov's strategy is to achieve strong synergy by simultaneously developing several technologies for same market.
Bio-Light also control Micromedic Technologies Ltd. (TASE:MCTC), which is developing biomarkers for cancer diagnosis, which merged with cancer diagnostics developer Zetiq Technologies Ltd. Bio-Light says that its ophthalmic and cancer diagnostic clusters are test runs for its strategy, and that if they make progress over the next couple of years, it will establish more clusters in other fields.
Bio-Light's share price rose another 2.6% in morning trading today to NIS 0.20, giving a market cap of NIS 34 million, after rising 1.6% yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on June 20, 2012
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