NEW YORK - Eyenovia, Inc. (NASDAQ: NASDAQ:EYEN), an ophthalmic technology company, has announced a recent publication in the Journal of Ocular Pharmacology and Therapeutics, showcasing the efficacy of its Optejet dispenser in delivering medication with reduced preservative exposure. The peer-reviewed study demonstrated that the Optejet could administer a therapeutic dose of latanoprost, a medication used to treat ocular conditions, with significantly less benzalkonium chloride (BAK), a common preservative that can have detrimental side effects in higher volumes.
The research indicated that the Optejet's delivery of an 8-microliter dose of latanoprost plus BAK avoided the cytotoxic effects typically associated with larger volumes of eye drops. "We have shown in prior studies the ability of the Optejet dispenser to achieve a therapeutic dose of medication with approximately 80% less volume and exposure to harmful preservatives than traditional eye drops," said Michael Rowe, CEO of Eyenovia.
In addition to the publication, Eyenovia will present findings from a Phase 4 study at the American Academy of Optometry's Academy 2024 Indianapolis Annual Meeting, taking place from November 6-9. The study examined the efficacy and safety of a half-dose per eye of a fixed combination tropicamide and phenylephrine ophthalmic spray, similar to Mydcombi, the company's product for inducing pupil dilation (mydriasis). The study found that the half-dose was effective in achieving clinically relevant pupil dilation while being well-tolerated and having a shorter duration of effect.
Dr. Julie Whitcomb, Senior Director of Medical Affairs at Eyenovia, stated, "What we found in this study was that a half dose may also provide clinically relevant pupil dilation, was well-tolerated, and had a desirable shorter duration of effect."
Eyenovia continues to focus on the commercialization of Mydcombi for mydriasis and the development of other advanced products based on its proprietary Optejet platform. The information from the press release statement highlights the company's ongoing efforts to improve ocular medication delivery and efficacy.
In other recent news, Eyenovia, Inc. has initiated the manufacturing of registration batches for Mydcombi in its Gen-2 Optejet dispensing platform, a significant step towards FDA approval. The company has also secured a $4 million financing agreement through the sale of shares and warrants, with A.G.P./Alliance Global Partners (NYSE:GLP) leading the placement. Eyenovia has launched the FDA-approved Clobetasol, an ophthalmic steroid for post-operative inflammation and pain management. It has also announced plans for a public offering to sell nearly 13 million shares of its common stock, expected to generate gross proceeds of around $5.14 million. Andrew Jones has been appointed as the new Chief Financial Officer, and H.C. Wainwright continues to maintain a Buy rating on Eyenovia's shares. Despite recording a net loss of $11.1 million, Eyenovia is preparing for the launch of the Gen 2 Optejet device, expected in early 2025. These are recent developments in the company's growth strategy.
InvestingPro Insights
Eyenovia's recent scientific publications and upcoming presentations underscore the company's innovative approach in the ophthalmic technology sector. This focus on research and development aligns with one of the InvestingPro Tips, which indicates that analysts anticipate sales growth in the current year for Eyenovia (NASDAQ: EYEN).
The company's efforts to improve medication delivery and reduce side effects could potentially translate into market success. However, it's important to note that Eyenovia is currently operating at a loss, with a gross profit margin of -17,609.84% for the last twelve months as of Q2 2024, according to InvestingPro Data. This aligns with another InvestingPro Tip stating that the company suffers from weak gross profit margins.
Despite these financial challenges, Eyenovia's stock has shown strong performance recently, with a 18.59% price return over the past month. This positive momentum is reflected in the InvestingPro Tip indicating that the stock is trading near its 52-week high.
Investors considering Eyenovia should be aware that the company is quickly burning through cash, as noted in another InvestingPro Tip. This factor, combined with the company's current unprofitability, suggests that careful financial management will be crucial for Eyenovia's future success.
For a more comprehensive analysis, InvestingPro offers 13 additional tips for Eyenovia, providing deeper insights into the company's financial health and market position.
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