NEW YORK, MONTREAL and SAN DIEGO, CA, June 30 /PRNewswire-FirstCall/ - Canadian Bio Med Systems Inc., a subsidiary of ICBS Ltd., (OTCPK: ICBT), and Ocular Therapeutics Inc. of San Diego California, announced the development of a new AMD drug now being tested by Canadian Bio Med Systems, Inc. (CBMS).
Age-Related Macular Degeneration (AMD) is the leading cause of blindness, worldwide, for people over 55 years of age. The incidence of AMD in persons aged 55 is 1% and increases to 15% for persons aged 80. This debilitating disease has proven to be difficult to treat and only a very few drugs have been developed which have positive effects.
The drug under development by Canadian Bio Med Systems, has a very different mode of action than the current therapeutic products. It can be used alone or in conjunction with these currently available products.
The product under development by CBMS, LD22-4 has the advantage of being a very small molecule meaning that fewer treatments will be needed compared to current therapies, This will help reduce the pain and frequency of injection to the patient and potentially the cost of the treatment.
Canadian Bio Med is developing the new product in Quebec in conjunction with its partner, Ocular Therapeutics Inc. of San Diego, California. The drug is moving toward human clinical trials in Canada and the United States next year.
The market for products treating AMD has been estimated at over $750 million annually and growing at a rate of over 10% yearly as the population ages.
NB. This news release includes statements that constitute forward-looking statements. Please be aware that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including the risk factors contained in the Company's disclosure documents.
|SOURCE Inter Canadian Business Service|
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