The Hong Kong-based pharmaceutical company Essex Bio-Investments invested $17 million into continuation of clinical trials in the United States for innovative Russian eye drops developed by Mitotech, a portfolio company of Rusnano.
“The biotechnology company Mitotech S.A. specializing in development of new pharmaceuticals based on mitochondria-targeted antioxidants – Skulachev Ions, made an agreement with Essex Bio-Investments on joint development of the Mitotech drug. According to terms of the agreement, Essex Bio-Investment will support funding of the clinical trials program in the US for SkQ1 compound developed by Mitotech. About $17 mln will be allocated for the third phase of studies, which will start already in fall 2018,” said Rusnano.
Mitotech S. A. has successfully completed the second phase of SkQ1-based eye drops in the US with participation of patients having the dry eye syndrome. This drug is known in Russia as Vizomitin.
“We expect that funding of clinical trials by a discipline independent player will make it possible to speed up the process of SkQ1 substance registration and that the unique drug will become available for patients in the United States also,” commented Olga Shpichko, Managing Director of Rusnano Management Company.