Control Delivery Systems Announces Increased Funding for Collaboration With Bausch & Lomb On Sight-Threatening Eye Diseases.Business/Technology Editors & Health/Medical Writers BioWire2K WATERTOWN, Mass.--(BW HealthWire)--May 7, 2002 Control Delivery Systems, Inc. (CDS) announced today that CDS and Bausch & Lomb have formalized an amended budget under their license and development agreement reflecting an increase in Bausch & Lomb's funding to $206 million through 2008. This amount includes past and budgeted future expenditures by both CDS and Bausch & Lomb for the joint development of Envision TD(TM) products for the treatment of diabetic macular edema, posterior uveitis uveitis Inflammation of the uvea, the middle coat of the eyeball. Anterior uveitis, involving the iris or ciliary body (containing the muscle that adjusts the lens) or both, can lead to glaucoma and blindness. and wet age-related macular degeneration Age-related macular degeneration (ARMD) Degeneration of the macula (the central part of the retina where the rods and cones are most dense) that leads to loss of central vision in people over 60. , three leading causes of blindness. Under the terms of the agreement, the companies are jointly participating in research and development of these products. Bausch & Lomb is responsible for their worldwide commercialization. "Control Delivery Systems is pleased with this formal reaffirmation of Bausch & Lomb's commitment to the development of Envision TD(TM) products for the treatment of blinding eye diseases," said Paul Ashton, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CDS. "We look forward to continuing to work with Bausch & Lomb to develop these innovative drug delivery products." About Envision TD(TM) Technology Envision TD(TM) technology for blinding eye diseases is a tiny drug reservoir implanted into the back of the eye. The technology is designed to deliver sustained and consistent levels of medication directly to the affected area of the eye for up to three years. Since 1996, Bausch & Lomb has marketed Vitrasert(R), CDS' product for the treatment of CMV CMV cytomegalovirus. CMV abbr. 1. controlled mechanical ventilation 2. cytomegalovirus Cytomegalovirus (CMV) retinitis retinitis /ret·i·ni·tis/ (ret?i-ni´tis) inflammation of the retina. retinitis circina´ta , circinate retinitis circinate retinopathy. , a blinding eye disease afflicting late-stage AIDS patients. Advanced clinical studies are ongoing to assess the use of Envision TD(TM) for the treatment of diabetic macular edema and posterior uveitis. Multi-center Phase II studies are also ongoing to examine the use of Envision TD(TM) for the treatment of wet age-related macular degeneration. About Control Delivery Systems Control Delivery Systems, Inc. develops innovative, sustained-release, drug-delivery products to treat severe and chronic diseases that currently have limited or no effective treatment options. CDS' proprietary products are designed to deliver an appropriate quantity of approved drugs to a target site at a controlled rate for a predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: period ranging from days to years, virtually eliminating the variations in drug concentration and adverse systemic side effects characteristic of most traditional drug treatments. CDS is seeking to develop treatments for potentially blinding eye diseases, brain tumors, post-surgical pain and osteoarthritis osteoarthritis or osteoarthrosis or degenerative joint disease Most common joint disorder, afflicting over 80% of those who reach age 70. It does not involve excessive inflammation and may have no symptoms, especially at first. . CDS, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , is headquartered in Watertown, MA. For additional information on CDS, access the company's Web site at: www.controldelivery.com. Envision TD(TM) and Vitrasert(R) are trademarks of Bausch & Lomb Incorporated. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and OF 1995: Some statements contained in this press release are forward-looking and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: product development, enrollment and completion of clinical trials, regulatory approvals, product introductions, the risk factors identified in CDS' SEC filings. CDS undertakes to publicly update or revise any forward-looking statements. |
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