Eyenovia Inc. (EYEN:NASDAQ), which is focused on developing microdose array print (MAP™) therapeutics, today announced that it has signed an exclusive license agreement with Arctic Vision, an ophthalmology focused biotech company, "to develop and commercialize MicroPine for the treatment of progressive myopia and MicroLine for the treatment of presbyopia in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea."
The companies indicated that the agreement terms specify that Eyenovia may receive up to $45.75 million in upfront payments along with other additional payments if certain development and regulatory milestones are realized. These various milestones include initiation of clinical research and approvals in Greater China and South Korea and development costs.
Under the terms of the agreement, Arctic Vision will purchase its supply of MicroPine and MicroLine from Eyenovia and in the case that it receives products from other suppliers, Arctic Vision will be required to pay Eyenovia a mid-single digit percentage royalty on net sales of such products. The report additionally indicated that "Eyenovia will pay a mid-double digit percentage of such payments, royalties, or net proceeds of such supply to its Asian licensee pursuant to the arrangement by which Eyenovia reacquired rights to such products in Greater China and South Korea from the original licensee."
Eyenovia's CEO and Chief Medical Officer Dr. Sean Ianchulev commented, "This licensing agreement with Arctic Vision grows our commercial reach to address some of the largest progressive myopia markets in the world...With the continued validation of our therapeutic approach, the agreement also provides non-dilutive capital to further support our planned launch of MicroStat in the U.S. next year, as well as the ongoing development of our late stage ophthalmology pipeline including MicroPine for progressive myopia and MicroLine for improvement in near vision."
Arctic Vision's Founder and CEO Eddy (Hoi Ti) Wu, Ph.D., remarked, "Eyenovia is a leader in the field of novel microdosing technology to treat myopia and presbyopia and we are committed to accelerating the development of MicroPine and MicroLine in Greater China and South Korea. In Asia, it is estimated that up to 50% of children in some regions are myopic, and the figure is increasing. On the other end of the spectrum, many people over the age of 40 are gradually suffering from age related presbyopia, which is currently corrected exclusively with medical devices or surgery-based modalities. We believe MicroPine and MicroLine have the potential to address the needs unmet by conventional eye drops and can play an important role in growing Arctic Vision's innovative pipeline. Through this new partnership, we believe we can lead the Chinese ophthalmology market into the future."
The company explained that MicroPine (atropine ophthalmic solution) is designed to treat progressive myopia, which is most commonly known as nearsightedness. The firm stated that progressive myopia affects approximately five million children in the U.S. and that the condition can cause uncontrolled axial elongation of the sclera leading to increasing levels of myopia. In more serious cases, major pathologic changes can develop including macular staphylomas, retinal atrophy, retinal detachment and visual impairment.
Eyenovia stated that MicroPine was developed specifically to provide comfort and ease of use in children. The firm explained that "microdose administration of MicroPine is anticipated to result in low systemic and ocular drug exposure."
The company noted that MicroLine has been developed as a pharmacologic treatment for presbyopia, which is estimated to affect nearly 113 million Americans. Presbyopia is the unpreventable age-related hardening of the lens, which in turn causes a gradual loss of the eye's ability to focus on nearby objects.
Eyenovia is a clinical stage ophthalmic biopharmaceutical company headquartered in New York. The firm advised that it is developing a pipeline of microdose array print (MAP™) therapeutics. The company's products are centered around late-stage development of microdosed medications for treating myopia progression, which is a condition associated with several different back of the eye diseases, mydriasis and presbyopia.
Arctic Vision is a clinical stage specialty ophthalmology company based in Shanghai. The firm aims to address unmet ophthalmological needs through innovative therapies in China, Asia and globally. The company stated that "it is led by an elite team of ophthalmic industry veterans with substantial and compelling China and global experiences in R&D and commercialization of eye care products."
Eyenovia began the day with a market capitalization of around $72.0 million with approximately 19.78 million shares outstanding. EYEN shares opened almost 89% higher today at $6.87 (+$3.23, +88.74%) over yesterday's $3.64 closing price and reached a new 52-week high price this morning of $6.92. The stock has traded today between $4.87 and $6.92 per share and is closed at $5.03 (+$1.39, +38.19%).[NLINSERT]
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