Nova Eye Medical has announced the reorganization of its 2RT assets via the establishment of AlphaRET Pty Ltd.
Establishing AlphaRET, a wholly owned subsidiary of Nova Eye Medical Limited, will enable the company to better concentrate its commercialization efforts for 2RT, and delineate the 2RT project from the company’s core glaucoma business, according to a company news release.
2RT is the company’s proprietary nano-pulse ophthalmic laser therapy for the treatment of intermediate age-related macular degeneration (AMD). On July 1, 2020, the company divested its Ellex laser and ultrasound business in order to focus its efforts on the development of a portfolio of glaucoma treatment technologies. Notwithstanding the prioritization of its glaucoma business, the company retained the proprietary 2RT technology given its potential to meet a substantial unmet market need.
“2RT is a major project and offers significant upside,” Director of Nova Eye Medical Tom Spurling said in a company news release. “Despite this opportunity, our core business remains firmly focused on glaucoma, underpinned by our proprietary iTrack and Molteno3 technologies. With the establishment of AlphaRET we will be able to better leverage the 2RT opportunity, while continuing to foster growth of our glaucoma treatment technology pipeline under the Nova Eye Medical brand.”
2RT is based on seminal laboratory investigations performed by world-renowned retinal expert Prof. John Marshall PhD, FRCPath, FMedDSci (Institute of Ophthalmology, University College London, UK). Prof. Marshall is actively involved in the 2RT project and is a Board member of AlphaRET.
According to Prof. Marshall, who is a Board member of AlphaRET, 2RT represents a huge step forward in the treatment of AMD. “2RT is arguably the biggest advance in AMD since anti-VEGF therapy used for the late stage of the disease or wet AMD. It is estimated that 30% of patients over 60 have some form of AMD and over 10% of this population will go on to lose some part of their vision from the late forms of this disease. 2RT is a significant breakthrough in the potential management of patients with the early stage of AMD.”
In the immediate term AlphaRET will prioritize the USA regulatory pathway for 2RT, which includes the filing of an Investigational Device Exemption (IDE) with the FDA for a major clinical study. The aim of the study will be to obtain regulatory clearance from the FDA to treat intermediate AMD patients with 2RT.