Lpath Withdraws From Pfizer' Process To Assign ISONEP Rights

(RTTNews) - Lpath Inc. (LPTN) said that it is no longer actively participating in Pfizer's (PFE) process to assign the exclusive option it has for a worldwide license to develop and commercialize Lpath's iSONEP.

Pfizer has informed Lpath that its offers were not competitive with other offers.

Lpath's CEO, Scott Pancoast said, "We made a serious effort to reacquire this asset, and we continue to believe in iSONEP's prospects. However, given our commitment to fiscal discipline and building shareholder value, we simply are not in a position at this time to increase our offer. We appreciate the competing interest shown in iSONEP by the other parties and look forward to Pfizer's process coming to a successful close."