Medwell Capital Corp. has announced that Mimetogen Pharmaceuticals completed patient recruitment in its phase II clinical trial of MIM-D3 for dry eye disease. A total of 150 patients have been enrolled in the trial with results expected in the second half of 2011.
Under the terms of the agreement announced on February 25, 2011, Medwell will advance a second tranche of funds pursuant to its $2,000,000 financing commitment.
“We are very pleased that Mimetogen is on track to receive its results in the next few months,” said Kevin Giese, President and CEO of Medwell. “If successful, this drug has the potential to become one of the leaders in the very active ophthalmic space, where there have been over 70 licensing deals completed in the past five years.”