Cambridge, MA-based Resolvyx Pharmaceuticals said today it sold an option to the private equity firm Celtic Therapeutics to acquire its lead drug, RX-10045, and license it for all uses in treating eye conditions. The drug, a small molecule derivative of omega-3 fish oils, is scheduled to begin Phase III testing for the treatment of chronic dry eye syndrome in 2011. Celtic, which has operations in New York City and Lausanne, Switzerland, has also purchased a note that is convertible into Resolvyx stock. The firms did not reveal financial details of the note purchase and option deal.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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