SAN CLEMENTE, Calif.--(BUSINESS WIRE)--
Glaukos Corporation (NYSE: GKOS), an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures designed to transform the treatment of glaucoma, today announced that it has acquired the intraocular pressure (IOP) sensor system assets and related liabilities from DOSE Medical Corporation for $5.5 million in cash, plus performance-based consideration of up to $9.5 million upon achievement of certain development, clinical and regulatory milestones.
The DOSE Medical IOP sensor system features a micro-invasive ocular implant that is designed to capture and store a glaucoma patient’s short-interval IOP measurements over extended periods of time, and transmit data to the patient’s physician in order to enhance treatment decisions. The wireless system, which is designed for ab-interno insertion, incorporates a rechargeable battery that may allow the sensor to function for multiple years.
“This emerging IOP sensor system complements Glaukos’ fundamental strategy to transform glaucoma therapy with micro-scale device and drug-delivery platforms that can ultimately address a full range of disease state severity,” said Thomas Burns, Glaukos president and chief executive officer. “Although still in an early development phase, the system offers future promise as a 24/7 tool for measuring the effects of glaucoma medical and surgical interventions, monitoring patient therapeutic compliance and managing disease progression. Longer-term, we also see opportunities to build upon the sensor platform with additional diagnostic and IOP management innovations.”
DOSE Medical was previously a wholly owned subsidiary of Glaukos. In 2010, it was spun-out as a standalone entity separate from Glaukos’ go-forward business. In 2015, Glaukos acquired the iDoseTM product line and related assets from DOSE Medical. Two Glaukos directors also serve on the board of DOSE Medical. The terms of the transaction were approved by a special committee consisting only of independent members of Glaukos’ board of directors.
Glaucoma is characterized by progressive, irreversible and largely asymptomatic vision loss caused by optic nerve damage. There is no cure for the disease and reducing IOP is the only proven treatment. According to Market Scope, more than 80 million people worldwide have glaucoma, including 4.5 million people in the United States. Open-angle glaucoma is the most common form, affecting approximately 3.6 million people in the United States.
About Glaukos
Glaukos (www.glaukos.com) is an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures to transform the treatment of glaucoma, one of the world’s leading causes of blindness. The company pioneered Micro-Invasive Glaucoma Surgery, or MIGS, to revolutionize the traditional glaucoma treatment and management paradigm. Glaukos launched the iStent®Trabecular Micro-Bypass Stent, its first MIGS device, in the United States in July 2012 and is leveraging its platform technology to build a comprehensive and proprietary portfolio of micro-scale injectable therapies designed to address the complete range of glaucoma disease states and progression. The company believes the iStent, measuring 1.0 mm long and 0.33 mm wide, is the smallest medical device ever approved by the FDA.
Forward-Looking Statements
All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe that we have a reasonable basis for forward-looking statements contained herein, we caution you that they are based on current expectations about future events affecting us and are subject to risks, uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that may cause our actual results to differ materially from those expressed or implied by forward-looking statements in this presentation. These potential risks and uncertainties include, without limitation, uncertainties about our ability to successfully develop, achieve regulatory approvals and commercialize the IOP sensor system and other future products; the lengthy and expensive clinical trial process and the uncertainty of outcomes from any particular clinical trial; our ability to protect, and the expense and time-consuming nature of protecting, our intellectual property against third parties and competitors that could develop and commercialize similar or identical products; and the impact of any claims against us of infringement or misappropriation of third party intellectual property rights and any related litigation. These and other known risks, uncertainties and factors are described in detail under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for 2016, which we filed on March 16, 2017. Our filings with the Securities and Exchange Commission are available in the Investor Section of our website at www.glaukos.com or at www.sec.gov. In addition, information about the risks and benefits of our products is available on our website at www.glaukos.com. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on the forward-looking statements in this press release, which speak only as of the date hereof. We do not undertake any obligation to update, amend or clarify these forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
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