EyePoint Pharmaceuticals Announces $15.7-Million Equity Investment
EyePoint Pharmaceuticals, Inc. recently announced Ocumension Therapeutics has made a $15.7-million equity investment in EyePoint. Under the terms of the agreement, Ocumension has purchased approximately 3.01 million shares of EyePoint’s common stock at a 5-day trailing volume weighted average price as of the close of trading on December 29, 2020, of approximately $5.22 per share.
“This investment underscores our continued strong partnership with Ocumension for YUTIQ and DEXYCU in Asia,” said Nancy Lurker, President and Chief Executive Officer of EyePoint Pharmaceuticals. “We are excited about the significant potential of these products in both the US and in Asia and for our R&D pipeline, including the Phase 1 trial of EYP-1901 in wet age-related macular degeneration that is expected to commence in the coming months.”
“We are delighted to support our partnership with EyePoint through this investment, as we prepare for the development and commercialization of YUTIQ and DEXYCU, under Ocumension branded labels, across Asian markets,” said Ye Liu, Chief Executive Officer of Ocumension. “We share EyePoint’s commitment to rapidly advancing new treatments for ocular disease in attractive markets and look forward to commercial launches in China in the coming year.”
In conjunction with the investment, Ye Liu, Chief Executive Officer of Ocumension has been appointed to the EyePoint Board of Directors, replacing Kristine Peterson who has stepped down from the board effective December 31, 2020.
Cash and cash equivalents are estimated to be approximately $44 million on December 31, 2020, including the net proceeds from the Ocumension equity investment. The cash and cash equivalents estimate as of December 31, 2020, was calculated prior to the completion of a review by the company’s independent registered accounting firm and is therefore subject to adjustment. Cash on hand, combined with cash inflows from anticipated product sales and continued cash conservation activities are expected to fund the company’s operating plan into the second half of 2021, assuming no significant increase in COVID-19-related closures that would considerably decrease the frequency of ophthalmology office visits or the number of cataract surgical procedures performed across the US.
EyePoint Pharmaceuticals, Inc. is a pharmaceutical company committed to developing and commercializing innovative therapeutics to help improve the lives of patients with serious eye disorders. The company has two commercial products: YUTIQ, for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye, and DEXYCU, for the treatment of postoperative inflammation following ocular surgery. The company’s pipeline leverages its proprietary bioerodible Durasert technology for extended intraocular drug delivery, including EYP-1901, a potential 6-month sustained delivery intravitreal anti-VEGF treatment initially targeting wet age-related macular degeneration. EyePoint Pharmaceuticals is headquartered in Watertown, MA. For more information, visit www.eyepointpharma.com.
Ocumension Therapeutics is a China-based ophthalmic pharmaceutical platform company dedicated to identifying, developing, and commercializing first- or best-in-class ophthalmic therapies. The company’s vision is to provide a world-class pharmaceutical total solution to address significant unmet ophthalmic medical needs in China. Since the inception, Ocumension Therapeutics has focused on building a platform integrating specialized capabilities in each major functionality involved in an ophthalmic drug’s development cycle, from research and development, manufacturing to commercialization. Ocumension Therapeutics believes its platform positions it well to achieve leadership in China ophthalmology, with a first-mover advantage over future competitors.
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