InMed Pharmaceuticals Inc. announced that it has secured an exclusive, worldwide license from EyeCRO LLC for its Microemulsion Drug Ocular Penetration System (“MiDROPS®“) eyedrop delivery technology targeting effective, topical administration of cannabinoids to the eye.
EyeCRO is a leading contract research organization committed to driving ophthalmic research and development forward to advance new vision-saving treatments. MiDROPS® was developed by EyeCRO as a proprietary platform technology designed to effectively deliver lipophilic molecules to both the anterior and posterior segments of the eye by means of a stable and comfortable eyedrop formulation. InMed has already completed preliminary investigation demonstrating simplicity, superiority and effectiveness of MiDROPS® to deliver sustained levels of CBN to the eye, as compared to other formulations, as part of its INM-088 program for the prospective treatment of ocular diseases, including glaucoma.
The licensing agreement with EyeCRO grants InMed an exclusive, worldwide license to develop and commercialize prospective therapeutic formulations combining MiDROPS® with any and all cannabinoid molecules. EyeCRO will receive consideration in the form of scheduled payments upon the achievement of certain clinical, regulatory and commercial milestones, with such scheduled payments to be made in cash and a nominal amount of securities of InMed which are subject to the approval of the TSX. In addition, EyeCRO stands to receive a low, single digit royalty on any commercial sales of InMed therapeutic products incorporating MiDROPS®. The agreement considers and protects each company’s respective intellectual property and patent rights and defines specific provisions for consideration of any new intellectual property that may arise through future development.
With this licensing agreement in place, InMed anticipates initiation of IND-enabling toxicology studies with INM-088, incorporating MiDROPS®, in 2021.