Resolvyx Sells Eye Drug to Celtic
Cambridge, MA-based Resolvyx Pharmaceuticals said yesterday that Celtic Therapeutics has exercised its option to buy its lead drug, RX-10045, for treating dry eye and other eye diseases. Financial details of the deal weren’t disclosed. The two companies revealed the option agreement in October 2010. Celtic, which has offices in New York in Lausanne, Switzerland, plans to advance the drug into Phase III clinical trials later this year. Resolvyx is developing small molecule derivatives of omega-3 fish oils for treating multiple diseases, and it says it will continue this work outside of the field ophthalmology.