NEW YORK - Eyenovia, Inc. (NASDAQ: NASDAQ:EYEN), an ophthalmic pharmaceutical company, has partnered with SGN Nanopharma to develop a new treatment for chronic dry eye disease. The collaboration will focus on combining SGN's Micellar Nanoparticle Platform (MNP) cyclosporine formulation with Eyenovia's Optejet dispenser. This drug-device combination aims to improve manufacturability for clinical testing, with plans to consult the FDA on clinical development.
Chronic dry eye affects an estimated 35 million people in the U.S., with about 16 million diagnosed cases. The current standard treatment, cyclosporine, is an immune inhibitor that helps the body produce tears by reducing inflammation. However, existing cyclosporine treatments have drawbacks, such as a delayed effect and side effects leading to patient non-compliance.
SGN's MNP Cyclosporine has shown statistical superiority over the current standard in a clinical study, demonstrating quicker efficacy and fewer side effects. Dr. Navdeep Jaikaria, CEO of SGN Nanopharma, believes that the precision dosing of the Optejet dispenser could further enhance the drug's effectiveness and tolerability.
Michael Rowe, CEO of Eyenovia, also sees potential in the combination therapy to become a new standard of care in the dry eye market, which is valued at approximately $3 billion annually in the U.S. The Optejet dispenser has previously shown to deliver medication effectively with less drug volume, which could improve patient experience by reducing exposure to preservatives.
Eyenovia is currently commercializing other FDA-approved products and developing treatments for pediatric progressive myopia, while SGN Nanopharma focuses on creating nanotherapeutics for large unmet medical needs.
In other recent news, Eyenovia, Inc. has regained compliance with Nasdaq's minimum bid price requirement, securing its continued listing on The Nasdaq Capital Market. The biopharmaceutical company reported a significant net loss of $10.9 million in Q1 2024, despite unrestricted cash reserves of $8 million and licensing agreements with Arctic Vision, which generated $16 million.
In a strategic move, Eyenovia has entered into multiple collaborations including partnerships with Senju Pharmaceutical Co., Ltd., NovaBay Pharmaceuticals, and SGN Nanopharma. These collaborations focus on the development of new treatments for chronic dry eye disease and the promotion of ophthalmic products. Eyenovia is also preparing for the launch of its forthcoming product, Clobetasol Propionate Ophthalmic Suspension, expected to be available in August 2024.
InvestingPro Insights
Eyenovia, Inc. (NASDAQ: EYEN) is at a pivotal juncture as it embarks on a collaboration with SGN Nanopharma to tackle chronic dry eye disease. As they aim to innovate within the $3 billion U.S. dry eye market, InvestingPro data and insights shed light on the company's current financial health and market position.
Although analysts are expecting sales growth this year, the company's recent financials highlight some challenges. According to real-time data from InvestingPro, Eyenovia's gross profit for the last twelve months as of Q1 2024 stands at a negative $2 million, with a gross profit margin of -22,779.04%. These figures point to InvestingPro Tips that Eyenovia suffers from weak gross profit margins and is not profitable over the last twelve months. Additionally, the company's stock price movements have been quite volatile, with a 130.6% return over the last month but a -35.98% return over the last year.
Investors should note that Eyenovia operates with a moderate level of debt and, as per InvestingPro Tips, does not pay a dividend to shareholders. The company is also trading near its 52-week high, which may be of interest to those monitoring stock price trends.
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