Resolvyx Pharma has scheduled RX-10045 Phase III randomized, placebo-controlled, multi-center study in 2011.
Under the agreement, Celtic Therapeutics may also license rights to and develop a second Resolvyx compound in a topical formulation for ophthalmic indications.
The tie up includes upfront consideration, near-term milestone payments, and funding for 100% of future development costs.
Resolvyx Pharma executive chairman Greg Weinhoff said the deal with Celtic Therapeutics will provide the necessary capital and clinical expertise to pursue the development plans for RX-10045 while allowing Resolvyx to share in the future success of this exciting program.
Celtic managing general partners and co-founders Stephen Evans-Freke and Peter Corr said that if approved, RX-10045 should provide superior efficacy to current therapeutic options in Dry Eye.