October 16, 2024 Exclusive Agreement Includes $18 Million in Milestone Payments to Orasis, Together with a Double-Digit Royalty on Sales in the Korean Market
Additional Capital Follows Orasis’ Recent $78 Million Financing to Support Commercial Launch of Qlosi in the United States
Ponte Vedra, FL, October 16, 2024 – Orasis Pharmaceuticals, an emerging ophthalmic pharmaceutical company focused on reshaping vision possibilities, today announced the signing of an exclusive licensing agreement with Optus Pharmaceuticals, a Korean-based pharmaceutical company specializing in total eye care solutions. Under the agreement, Orasis grants Optus Pharmaceuticals the rights to commercialize, import and sell Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4%, a novel corrective eye drop for the treatment of presbyopia in adults, in Korea.
“Our licensing agreement with Optus Pharmaceuticals marks an important step in our goal of offering patients around the world a safe, effective and innovative solution to manage their presbyopia,” said Elad Kedar, Chief Executive Officer of Orasis Pharmaceuticals. “Building on the momentum of our recent Series D financing to support our first market launch in the U.S., this partnership represents our commitment to bring Qlosi to more patients globally and define what’s next in vision care.”
Additional terms include an upfront payment and payments for key milestones, totaling $18 million, in addition to double-digit royalties on sales in the Korean market. Optus Pharmaceuticals plans to be the first to launch a new presbyopia treatment drug in the Korean market, and plans to launch Qlosi in Korea by 2026, after receiving domestic regulatory approval and sales approval.
For more information about Qlosi and Full Prescribing Information, visit www.Qlosi.com.
About Orasis Pharmaceuticals
Orasis Pharmaceuticals developed Qlosi, a corrective eye drop for the treatment of presbyopia in adults. Orasis is led by a collaborative team of industry executives and eye care professionals with a broad range of experiences in research, development, and commercialization of pharmaceutical drugs, as well as finance and business development. Orasis is funded by a diverse group of sophisticated and experienced life science and healthcare investors. Orasis has offices in the United States and Israel. For more information, visit www.orasis-pharma.com and follow us on LinkedIn and X.
About Qlosi
Qlosi™ (pilocarpine hydrochloride ophthalmic solution) 0.4% is a novel corrective eye drop indicated for the treatment of presbyopia in adults. Qlosi’s formulation includes the lowest effective concentration of pilocarpine approved,1,2 together with a multi-faceted vehicle, and does not contain an anti-microbial preservative. Qlosi was designed to achieve a balance between efficacy, safety, and comfort.3 Qlosi improves near visual acuity by pupil modulation, resulting in a “pinhole effect” and an increase in the depth of field, thus increasing the ability to focus on near objects without negatively impacting distance.