"This partnership with Bayer is an exciting development for DelSiTech. It follows an already successful and long-lasting collaboration with Bayer in which our Silica Matrix technology has been evaluated," said Dr. Lasse Leino, CEO of DelSiTech.

"We are very pleased that Bayer has chosen DelSiTech as its technology partner for ophthalmology drug delivery. It illustrates the great potential of biodegradable silica material in demanding drug delivery applications."

"Successful ocular drug delivery is one of the biggest challenges in developing novel drug therapies for ophthalmic diseases. This agreement will support our work on innovative treatment options for a range of different eye diseases," said Professor Andreas Busch, member of the Executive Committee of Bayer AG's Pharmaceuticals Division and Head of Drug Discovery.

 "This partnership with DelSiTech underlines Bayer's continued commitment to leverage collaborations on cutting edge science in ophthalmology with the aim to improve the quality of life for patients."

Under the agreement, DelSiTech is entitled to receive a number of undisclosed milestone payments triggered by the successful completion of different stages of development as well as milestone payments and royalties on commercialization and sales, respectively.

Bayer will fund all development and commercialization costs of the collaborative projects.

DelSiTech Ltd., located in Turku, Finland, develops and commercializes its proprietary biodegradable silica based drug delivery technology.

The Company collaborates with a number of pharma and biotech companies globally and works with its partners to turn their product ideas into novel drug products.

Bayer is a global enterprise with core competencies in the Life Science fields of health care and agriculture. Its products and services are designed to benefit people and improve their quality of life.