Eyenovia Inc (EYEN) Tops Q3 EPS by 5c
Eyenovia Inc (NASDAQ: EYEN) reported Q3 EPS of ($0.29), $0.05 better than the analyst estimate of ($0.34).
Third Quarter 2019 and Recent Business Highlights
- Advanced MicroLine for the improvement in near vision in patients with presbyopia towards Phase III development;
- Deferred development activities for the MicroProst (glaucoma and ocular hypertension) and MicroTears (red eye and itch relief/lubrication) programs;
- Presented data from the MicroStat Phase III MIST-1 and MIST-2 studies for pharmacologic mydriasis at AAOpt; and
- Successfully completed an underwritten public offering of our common stock in July 2019 with aggregate net proceeds to the Company of approximately $13.0 million.
“We have been very pleased with our clinical progress this year as we continue to build a robust late-stage pipeline in ophthalmology using our next generation, intelligent microdosing platform. The completion of our MicroStat Phase III studies for pharmacologic mydriasis as well as the initiation of our Phase III study for our MicroPine program for the treatment of progressive myopia earlier this year, have helped demonstrate the potential of our novel therapies,” commented Dr. Sean Ianchulev, Eyenovia’s Chief Executive Officer and Chief Medical Officer. “As we work to maximize the value of our internal portfolio, we recently conducted a comprehensive strategic review of all our programs. As a result, we decided to reprioritize our efforts to focus on MicroPine, MicroStat, and MicroLine for improving near vision in patients with presbyopia. We believe that these programs represent areas where there are currently no known drugs approved or where we can greatly improve the patient experience. As we approach year end, we are particularly focused on advancing our MicroLine program towards Phase III development and expect to initiate and complete the Phase III VISION studies in 2020.”
“With the additional support of our successful capital raise this summer and the anticipated cost savings from our pipeline reprioritization, we remain well positioned to fund our programs. We appreciate the continued support of our shareholders and look forward to providing additional updates on our clinical progress,” concluded Dr. Ianchulev.
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