Healthcare Industry News: HSMN NewsFeed
News Release - April 20, 2020
Amblyotech, A Digital Therapeutics Company, Announces It Has Been Acquired by NovartisAmblyotech Inc. is a clinical stage digital therapeutics company committed to the advancement of treatments and diagnostics for amblyopia (lazy eye) and other ocular disorders
Acquisition will advance this innovative therapeutic program intended to treat those who are afflicted with amblyopia and stereopsis vision disorders
PHOENIX, April 20, 2020 -- (Healthcare Sales & Marketing Network) -- Amblyotech, a US-based digital therapeutics company, announced that it has completed the sale of all of its outstanding shares to Novartis pursuant to a Share Purchase Agreement entered into between each shareholder of Amblyotech and Novartis. After the acquisition, Novartis intends to pursue the development of Amblyotech's novel digital technology for the treatment of amblyopia, also known as "lazy eye."
Amblyotech's approach utilizes an active gaming and passive video technology with 3D glasses to train patients' eyes to work together, yielding a therapeutic effect. Its software employs a unique visual presentation, called dichoptic display, where each eye is presented with a different image using a proprietary algorithm to obtain co-operation with both eyes working together to view a full image. In early clinical studies, Amblyotech's software demonstrated improvements in vision in both children and adults with faster onset compared to standard of care treatments.
"We believe Novartis is best positioned to maximize the opportunity for our amblyopia treatment to reach and help patients who suffer from this condition. The Amblyotech technology has the potential to be a first-in-class product for patients with this debilitating condition," said Joseph Koziak, CEO of Amblyotech. "The acquisition by Novartis provides the Amblyotech technology with the opportunity to immediately benefit from Novartis's expertise in clinical development, regulatory and commercialization to help the portfolio reach its full potential," said Robert Derricotte, COO of Amblyotech.
After the acquisition, Novartis intends to collaborate with the Research Institute of the McGill University Health Centre (RI-MUHC) and Ubisoft Entertainment SA to continue product development. "Amblyotech and Novartis share the same sense of urgency to dramatically improve the lives of patients suffering from amblyopia and other ocular conditions," says Dr. Robert Hess, Director, McGill Vision Research Unit, McGill University and Senior Scientist, Brain Repair and Integrative Neuroscience (BRaIN) Program, RI-MUHC.
Amblyotech is a digital therapeutics company founded by Joseph Koziak (CEO) and Robert Derricotte (COO) to develop technologies originally discovered by Dr. Robert Hess. In conjunction with Ubisoft Entertainment SA, McGill University and the Research Institute of the McGill University Health Centre (Montreal, Canada), Amblyotech is developing active and passive video therapies to treat amblyopia ("lazy eye"), a debilitating ocular condition that affects 3% of the global population and is a leading cause of monocular blindness.
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