Canadian Bio Med Systems, Inc. Opens $10 million funding project, for two new drugs for the treatment of eye diseases

By: PR Newswire
Nov. 17, 2008 09:01 AM

NEW YORK, MONTREAL and SAN DIEGO, CA, Nov. 17 /PRNewswire-FirstCall/ - Canadian Bio Med Systems Inc., a subsidiary of ICBS Limited (OTCPK: ICBT),) announced $10 million funding project for the development of two new drugs for age related macular degeneration (AMD) , and Glaucoma, being developed in conjunction with the university of Arizona .

Canadian Bio Med Systems, Inc. (CBMS) today announces that it is developing a drug to help cure the leading cause of blindness for persons over 50 years of age, for macular degeneration of the eye. The drug is being developed in conjunction with its partner Ocular Therapeutics, Inc. of San Diego, CA. The company has opened a $10 million dollar funding project through ICBS, which is targeting Federal funding along with private equity sources.

The company is currently involved in talks with a major Canadian University to work in conjunction with the University of Arizona. The company will also be taking advantage of the Research & Development grants offered by the Quebec and Canadian governments that will refund up to 70% of the companies R&D costs.

Wet age-related macular degeneration (AMD) is one of the leading causes of severe vision loss and blindness in the adult population. In the United States, there are more than 1.6 million cases of wet AMD and approximately 200,000 new cases of wet AMD are reported each year. A majority of wet AMD patients experience dramatic vision loss within months after diagnosis. Because AMD generally affects adults over 50 years of age, it is expected that the incidence of AMD will increase as the baby-boom generation ages and life expectancy increases and it has been estimated by the National Eye Institute that by 2030, an estimated 2.8 million Americans will suffer from visual impairment as a result of AMD.

While several treatment options for wet AMD are available, each has its disadvantages such as increased risk of stroke, failure to show improvement, and cost. There is no indication that any of these drugs is effective enough that it obviates the need for additional drugs to treat this disease, leaving the opportunity for novel new compounds to enter the market. The advantage of the drug under development at CBMS lies in the unique mechanism by which it manages the cause of AMD, inhibition of migration, which is distinct from the current treatments. This drug, therefore, will not compete directly with other marketed treatments and may be used as a replacement for or in conjunction with these therapies to increase the efficacy of treatment.

Glaucoma is the second most common cause of blindness in the United States, accounting for (greater than)11% of all cases of blindness in the country. The various glaucomas are estimated to affect (greater than)2.2 million individuals in the United States who are (greater than)40 years old with primary open angle glaucoma, the most common form. Glaucoma is the leading cause of blindness among African-Americans, and African-Americans are three to five times more likely to have the disease than Caucasians.

"These new compounds being developed by our two companies can be quite important in treating this very debilitating ocular diseases" said Dr. Richard Keates, MD, Chairman of Ocular Therapeutics. "Because of the unique method of action, it has the capability of becoming a very large component in the treatment of AMD and Glaucomas"

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