Glaukos Corporation Enters into Definitive Agreement to Acquire DOSE Medical Corporation
Early-Stage Bioerodible Sustained-Release Technologies Designed for
the Treatment of Retinal Diseases
SAN CLEMENTE, Calif.–(BUSINESS WIRE)–Glaukos Corporation (NYSE: GKOS), an ophthalmic medical technology and
pharmaceutical company focused on the development and commercialization
of novel ophthalmic surgical devices and sustained pharmaceutical
therapies, announced today that it has entered into a definitive
Agreement and Plan of Merger to acquire DOSE Medical Corporation (DOSE
Medical) for $2.5 million in cash, plus performance-based consideration
upon achievement of certain regulatory approvals and commercial
milestones. Upon the consummation of the acquisition, DOSE Medical will
become a wholly owned subsidiary of Glaukos. The transaction is expected
to close during the current quarter, subject to customary closing
conditions.
DOSE Medical is developing multiple micro-invasive, bioerodible,
sustained-release drug delivery platforms designed to be used in the
treatment of various retinal diseases, including age-related macular
degeneration (AMD) and diabetic macular edema.
“Since our founding more than 20 years ago, Glaukos has distinguished
itself as an ophthalmic pioneer and leader by providing novel and
effective treatment alternatives for people suffering with glaucoma,”
said Thomas Burns, Glaukos president and chief executive officer. “With
this acquisition, Glaukos will establish a new R&D retinal program that
complements our growing glaucoma franchise and pipeline. We plan to
build upon the promising work DOSE Medical has already done, while
leveraging our unique expertise in disruptive, micro-scale innovation to
advance exciting new treatment options for AMD and other retinal
diseases.”
DOSE Medical was previously a wholly owned subsidiary of Glaukos. In
2010, it was spun-out as a standalone entity separate from Glaukos’
go-forward business. If completed, the acquisition would include all
remaining assets and liabilities of DOSE Medical. Two Glaukos directors
also serve on the board of DOSE Medical and certain members of Glaukos
management are stockholders of DOSE Medical. The terms of the Agreement
and Plan of Merger and the proposed acquisition were considered and
approved by a special committee consisting only of independent members
of Glaukos’ board of directors.
Retinal diseases vary widely, can affect any part of the retina and are
leading causes of blindness worldwide. The thin layer of tissue on the
inside back wall of the eye, the retina contains millions of cells that
receive, organize and send visual information through the optic nerve to
the brain, enabling vision. AMD and diabetic retinopathies are the most
common degenerative retinal diseases. Market Scope estimates that
approximately 28 million people in the United States suffer from some
type of retinal disease or condition, including approximately 17 million
people with AMD.
About Glaukos
Glaukos (www.glaukos.com)
is an ophthalmic medical technology and pharmaceutical company focused
on the development and commercialization of novel ophthalmic surgical
devices and sustained pharmaceutical therapies. The company pioneered
Micro-Invasive Glaucoma Surgery, or MIGS, to revolutionize the
traditional glaucoma treatment and management paradigm. Glaukos launched
the iStent®, its first MIGS device, in the
United States in July 2012 and launched its next-generation iStent
inject® device in the United States in September
2018. Glaukos is leveraging its platform technologies to build a
comprehensive and proprietary portfolio of micro-scale injectable
therapies. The company believes the iStent inject, measuring 0.23
mm wide and 0.36 mm long, is the smallest medical device ever approved
by the FDA.
Forward-Looking Statements
All statements other than statements of historical facts included in
this press release that address activities, events or developments that
we expect, believe or anticipate will or may occur in the future are
forward-looking statements. Although we believe that we have a
reasonable basis for forward-looking statements contained herein, we
caution you that they are based on current expectations about future
events affecting us and are subject to risks, uncertainties and factors
relating to our operations and business environment, all of which are
difficult to predict and many of which are beyond our control, that may
cause our actual results to differ materially from those expressed or
implied by forward-looking statements in this press release. These
potential risks and uncertainties include, without limitation, the
consummation of the proposed acquisition; the extent to which the early
stage technologies for the treatment of retinal diseases under
development by DOSE Medical will ever progress through the stages of
research and development or achieve clinical success, regulatory
approval or commercial adoption. These risks, uncertainties and factors
are described in detail under the caption “Risk Factors” and elsewhere
in our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K for the fiscal year ended December 31,
2018 and our Quarterly Report on Form 10-Q for the first quarter ended
March 31, 2019. Our filings with the Securities and Exchange Commission
are available in the Investor Section of our website at www.glaukos.com
or at www.sec.gov.
In addition, information about the risks and benefits of our products is
available on our website at www.glaukos.com.
All forward-looking statements included in this press release are
expressly qualified in their entirety by the foregoing cautionary
statements. You are cautioned not to place undue reliance on the
forward-looking statements in this press release, which speak only as of
the date hereof. We do not undertake any obligation to update, amend or
clarify these forward-looking statements whether as a result of new
information, future events or otherwise, except as may be required under
applicable securities law.
Contacts
Media Contact:
Cassandra Dump
619-971-1887
cassy@pascalecommunications.com
Investor Contact:
Chris Lewis, Director, Investor Relations,
Corporate Development & Strategy
949-481-0510
clewis@glaukos.com
