Over the near term, Fovea's business strategy is focused on developing drug candidates which have already demonstrated activity in the eye or in other diseases and in such latter case to re-profile them for the eye (FOV1101, FOV2301, FOV2302 and FOV 2501). In parallel, the Company develops its own R&D projects for the medium to long run (RD27, RD28 and RD29), applying this platform in the three disease oriented programs: Retinal dystrophies (in partnership with Genzyme), Age-related Macular Degeneration (AMD) and Glaucoma.

Such a strategy allows for the rapid development of our initial product pipeline with compounds having proven efficacy and known safety profiles.

Delivery of drugs to the eye is a key component of the development of new treatments against ocular diseases. Fovea is developing proprietary approaches to deliver its molecules and proteins to the eye, either internally (FOV2303) or under collaboration with leading edge formulation companies.

FOV1101

FOV1101 is a product developed for the treatment of allergic conjunctivitis. It is a proprietary formulation of a topical enhanced steroid that maximizes safety profile while maintaining clinical efficacy. Fovea has acquired exclusive worldwide rights to this product from CombinatoRx.

FOV2302

FOV2302 is the ophthalmic formulation of a small protein currently in phase 3 in another therapeutic indication. FOV2302 is currently being evaluated for use as an intravitreal formulation in the treatment of RVO-induced acute macular edema.

FOV2301

FOV 2301 is a product developed for the treatment of chronic diabetic macular edema. It is a proprietary intravitreal formulation of an enhanced steroid that maximizes safety profile while maintaining clinical efficacy. Fovea has acquired worldwide rights outside North America to this product from CombinatoRx.

FOV2501

FOV2501 is an intravitreal formulation of RdCVF designed to treat retinitis pigmentosa. RdCVF was identified by Pr. José-Alain Sahel and his team at INSERM by using the same technology platform that was subsequently transferred to Fovea. This protein has demonstrated efficacy in two animal models. In exchange for its development efforts, Fovea received exclusive worldwide commercial rights to RdCVF protein therapy. The product is expected to enter into clinical development by early 2009.

FOV2303

FOV 2303 is a new system of intra-ocular injection to deliver drugs to the posterior segment of the eye. This technology development is based on the outcome of a R&D collaboration between Fovea and the Rothschild Ophthalmology Foundation. This proprietary technology of 'easy-to-use' pre-filled auto-injector will give Fovea's BOE products a major marketing protection and superiority vs competition.