Eyenovia to Host Investor Call to Discuss Recent Licensing Agreements Resulting in Total Potential License Payments and Development Cost Reimbursement and Savings of Approximately $100 Million
Company reaffirms near term milestones for the Mydcombi (MicroStat) NDA and the MicroLine presbyopia program Phase III results
Call scheduled for today, Tuesday, October 13 at 4:30pm ET
NEW YORK, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Eyenovia, Inc., (NASDAQ: EYEN), a clinical stage ophthalmic biopharmaceutical company developing a pipeline of microdose array print (MAP) therapeutics, today announced that management will host an investor conference call to discuss the company’s recent licensing agreements and provide an update on the company’s short term milestones for its drug programs. The call is scheduled for today, October 13, at 4:30pm ET.
On October 12, 2020, Eyenovia and Bausch Health Companies Inc. (NYSE/TSX: BHC) announced that an affiliate of Bausch Health has acquired an exclusive license in the United States and Canada for the development and commercialization of MicroPine, an investigational microdose formulation of atropine ophthalmic solution, which is being investigated for the reduction of pediatric myopia progression, also known as nearsightedness, in children ages 3-12. This investigational formulation of atropine is delivered with Eyenovia’s proprietary Optejet dispenser technology.
Under the terms of the licensing agreement with Bausch Health, Eyenovia is eligible to receive up to $45 million in license payments of which $10 million was due upfront and the balance is due upon approval- and launched-based milestones. Upon signing, Bausch Health also assumed oversight and costs related to the ongoing Phase 3 CHAPERONE clinical trial. The upfront license payment and reduced operating expenses are expected to yield cash flow to Eyenovia of approximately $20 to $25 million in total through the end of 2022. In commercialization, Eyenovia is eligible to receive royalties ranging from mid-single digit to mid-teen percentages of gross profit on sales in the United States and Canada. William Blair & Company, L.L.C. served as Eyenovia’s exclusive financial advisor for the transaction.
On August 11, 2020, Eyenovia and Arctic Vision (Hong Kong) Limited announced that Arctic Vision acquired an exclusive license in Greater China and South Korea for the development and commercialization of both MicroPine and MicroLine, an investigational microdose formulation of pilocarpine for the treatment of presbyopia delivered with the Optejet dispenser technology.