Glaukos and iVeena Delivery Systems have entered into a licensing agreement that gives Glaukos rights to develop and commercialize iVeena’s investigational drug IVMED-80 for patients with the rare corneal disorder keratoconus.

The condition leads to a thinning of the front surface of the eye, causing the eye to bulge outwards into a cone shape. In a phase 1/2a study, the drug candidate met its primary endpoint, showing a statistically significant corneal flattening relative to placebo.

IVMED-80, which has received FDA’s Orphan Drug designation, is a topical eye drop treatment that increases the activity of the enzyme lysyl oxidase.

Glaukos is paying $10 million upfront, with the potential for future payments if the drug achieves development and sales milestones.