Eyenovia Provides Update on Restructuring Efforts

EYEN 11.22.2024

Full Press ReleaseSEC FilingsOur EYEN Tweets

About Gravity Analytica

Recent News

  • 01.15.2025 - Eyenovia Announces Leading Proxy Advisory Firms, ISS and Glass Lewis, Recommend Eyenovia Stockholders Vote “FOR” Proposed Reverse Stock Split at Upcoming Special Meeting of Stockholders
  • 01.06.2025 - Eyenovia Engages Chardan as Advisor for Review of Strategic Alternatives
  • 12.06.2024 - Eyenovia, Inc. Announces Pricing of $1.9 Million Registered Direct Offering

Recent Filings

  • 01.16.2025 - 424B3 Prospectus [Rule 424(b)(3)]
  • 01.16.2025 - 8-K Current report
  • 01.15.2025 - DEFA14A Additional definitive proxy soliciting materials and Rule 14(a)(12) material

Avenue Capitalagrees to Company’s deferral of principal and interest payments on its outstanding debt until the end ofFebruary 2025

Eyenoviacontinues to evaluate a broad range of strategic alternatives to maximize stakeholder value

NEW YORK,Nov. 22, 2024(GLOBE NEWSWIRE) --Eyenovia, Inc. (NASDAQ: EYEN), an ophthalmic technology company, today provided an update on its ongoing restructuring efforts. The Company announced today thatAvenue Capital Management L.P.has agreed to support a potential restructuring of Eyenovia’s Loan and Security Agreement and has agreed to defer principal and interest payments on its outstanding debt until the end ofFebruary 2025.Eyenoviaalso announced today that it is taking additional actions that are intended to reduce the Company’s ongoing personnel-related costs by over 70%.

“We are grateful toAvenue Capitalfor the support they have demonstrated during this challenging time,” statedMichael Rowe, Chief Executive Officer ofEyenovia. “We took immediate steps to restructure our costs and extend our runway to allow us the flexibility to explore a broad range of strategic alternatives.”

As previously disclosed,Eyenoviais considering a variety of steps to maximize value to all stakeholders, to reduce expenses and to evaluate its strategic options, which may include a business combination, reverse merger, asset sales or a combination of those alternatives. Further information will be made available once the evaluation of strategic options has been completed.

AboutEyenovia, Inc.

Eyenovia, Inc.(NASDAQ: EYEN) is an ophthalmic technology company developing and commercializing products leveraging its proprietary Optejet topical ophthalmic medication dispensing platform. The Optejet is targeted at chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance. The company’s current commercial portfolio includes clobetasol propionate ophthalmic suspension, 0.05%, for post-surgical pain and inflammation, and Mydcombi®for mydriasis.Eyenoviahas also secured licensing and development agreements for additional multi-billion-dollar indications where the Optejet may be advantageous, including dry eye. For more information, visitEyenovia.com.

Forward-Looking Statements

Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions, including the evaluation of the company’s strategic alternatives, regulatory submissions, estimated market opportunities for our product candidates and platform technology, the impact of the Gen-2 Optejet device, and the timing for availability and sales growth of our approved products. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission.

In addition, such statements could be affected by risks and uncertainties related to, among other things: the availability of sufficient financial resources to make payments on our debt obligations toAvenue Capitaland to continue and complete the evaluation of our strategic alternatives, as well as the clinical development and commercialization of our products, as to which no assurance can be given; risks of our clinical trials, including, but not limited to, the costs, design, initiation and enrollment, timing, progress and results of such trials; the timing of, and our ability to submit applications for, obtaining and maintaining regulatory approvals for our products and product candidates; the potential advantages of our products, product candidates and platform technology; the rate and degree of market acceptance and clinical utility of our products and product candidates; our estimates regarding the potential market opportunity for our products and product candidates; reliance on third parties to develop and commercialize our products and product candidates; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products and product candidates; intellectual property risks; changes in legal, regulatory, legislative and geopolitical environments in the markets in which we operate and the impact of these changes on our ability to obtain regulatory approval for our products and product candidates; and our competitive position.

Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Eyenovia does not undertake any obligation to update any forward-looking statements.

Eyenovia Contact:Eyenovia, Inc.Andy JonesChief Financial Officerajones@eyenovia.comEyenovia Investor Contact:Eric RibnerLifeSci Advisors, LLCeric@lifesciadvisors.com(646) 751-4363

Primary Logo

Source: Eyenovia, Inc.

Please be aware that the following content has been generated by an AI system and may contain errors, inconsistencies, or outdated information. It is provided as-is without any warranties or guarantees of accuracy. We strongly recommend using this content as a starting point for further research and consultation with relevant experts or authorities. We disclaim any liability for damages or losses resulting from the use or reliance on this content.Please note that this is a beta version of the Gravity Analytica LLC’s AI Service which isstill undergoing final testing before its official release. Theplatform, its software and all content found on it are provided on an“as is” and “as available” basis. Gravity Analytica LLC does not give any warranties,whether express or implied, as to the suitability or usability of thisservice, webpage, or its software or any of its content.Should you encounter any bugs, glitches, lack of functionality orother problems on the website, please let us know immediately so wecan rectify these accordingly. Your help in this regard is greatlyappreciated! You can write to us at this addressteam@gravityanalytica.com