The leaders of ophthalmic care company Harrow Health have signed an agreement to buy the U.S. and Canadian rights to a proposed anesthetic designed to be used during cataract surgeries and other eye procedures.
Nashville-based Harrow will pay Switzerland-based Sintetica $5 million in the next month and is on the hook for up to another $13 million in payments related to regulatory and commercial milestones. Sintetica, which had about $100 million in revenue last year, will be responsible for the regulatory filings for AMP-100, a surface anesthetic candidate.
The possible market for AMP-100 is a big one: More than 10 million eye procedures in which it could be used are performed each year in the United States. Sintetica recently completed a Phase 3 study for its treatment and plans to submit its application with the the U.S. Food and Drug Administration late this year.
“The acquisition of rights to market and sell AMP-100 in the U.S. and Canada will further fortify our greatest commercial strength — providing thousands of U.S. eyecare professionals and their patients with novel ophthalmic surgical products,” Harrow CEO Mark Baum said in a statement Tuesday.
In addition to the milestone payments, Harrow will pay Sintetica royalties on sales of AMP100.
Shares of Harrow (Ticker: HROW) were up slightly Tuesday morning to $8.52. Year to date, they have risen about 15 percent, growing the company’s market capitalization to about $225 million.