Paragon BioTeck Reformulated FRESHKOTE, Prompting Eyevance Acquisition
Paragon BioTeck, a privately held pharmaceutical and medical device company specializing in the development and commercialization of ophthalmic pharmaceuticals, devices and therapies, recently completed the reformulation for the FRESHKOTE family of lubricant eye drops, purchased this week by Eyevance Pharmaceuticals.
“We are pleased to be able to have a role in the improvements made to the FRESHKOTE products that make the product line an attractive acquisition for Eyevance,” said Patrick Witham, president and CEO of Paragon BioTeck. “FRESHKOTE PF, which we formulated as a preservative-free product available in a multi-dose bottle and in single-unit vials, will be a welcome addition for physicians who have been seeking a preservative-free product to recommend to their patients.”
Physicians have already taken note of the improvements made in FRESHKOTE. “Of all the bottled artificial tears that I use in my Dry Eye Center of Excellence, FRESHKOTE is my favorite,” said Marguerite McDonald, MD, FACS. “The people who buy FRESHKOTE buy artificial tears less frequently because the effect is so long.”
“It’s been a pleasure working with the Paragon team to make this acquisition a reality,” said Jerry St. Peter, CEO and director of Eyevance. “The exceptional efforts made by their development team to bring FRESHKOTE PF to market provides Eyevance a unique product. We look forward to marketing FRESHKOTE PF to eye care practitioners nationwide.”
Committed to enhancing the quality of life of patients, Paragon BioTeck develops and commercializes eye health products. The company’s product portfolio includes branded over-the-counter and prescription solutions to diagnose, manage and treat ocular conditions.
“Our scientists were particularly pleased to have the opportunity to develop a preservative-free formulation that is safe and well-tolerated by patients wearing contact lenses,” Witham added. “This project further demonstrates our mission to developing new and innovative products and technologies that advance ocular medicine.”