Resolvyx and Celtic Ink Dry Eye Deal

Xconomy Boston — 

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.