Carl Zeiss Meditec AG and Oraya Therapeutics, Inc jointly announced that the companies have entered into a collaboration agreement under which Carl Zeiss Meditec will provide funding to Oraya over a period of up to 2 years for the implementation of Oraya’s growth strategy and in turn receive rights in the company reaching up to a majority stake after 2 years.
Oraya Therapeutics has developed and commercialised a low energy X-ray radiation therapy (the “Oraya Therapy™”) for the treatment of wet age-related macular degeneration (wet AMD). The Oraya Therapy is available commercially in Germany, the UK and Switzerland, and the collaboration is intended to accelerate and expand these initial European market developments.
While specific terms of the agreement were not disclosed, the companies noted that Carl Zeiss Meditec will be making a meaningful strategic investment in Oraya, and that further opportunities to leverage the companies’ respective technical and market expertise and resources will be reviewed.
In discussing the transaction, Dr. Ludwin Monz, President and CEO of Carl Zeiss Meditec AG, stated: “The current pharmaceutical treatment regimens for wet AMD are exceptionally costly and burdensome, and Oraya’s unique therapy offers a significant potential to positively impact the management of this debilitating disease.” He went on to add that “Zeiss has a long tradition of bringing new and innovative technologies to the ophthalmic market, from the earliest slit lamps, to category leading products such as glaucoma field analysers, Optical Coherence Tomography (OCT) and innovative femtosecond laser platforms. These types of technology innovations, all offering significant provider and patient benefits, are part of the core strategy of Carl Zeiss Meditec AG.”
Commenting on the agreement, Jim Taylor, CEO of Oraya, stated: “It is exceptionally rewarding to have the support and validation that are inherent in this commitment by Zeiss, a company universally recognised for its commitment to excellence in science as well as in patient-focused and physician-focused products and innovations. As a result of this collaboration, we have effectively enhanced our potential to positively impact patient outcomes, while significantly reducing the therapy burden for clinicians and providers as well.”
Age-related macular degeneration is one of the leading causes of blindness in the developed world. More than 90% of heavy loss of sight related to AMD can be traced back to wet AMD.
In the USA the IRay is an investigational device and is not available for sale.