EyeGate Pharmaceuticals Reports First Quarter 2017 Financial Results and Provides Business Update
May 08 2017 - 8:30AM
EyeGate Pharmaceuticals, Inc. (NASDAQ:EYEG) (“EyeGate” or the
“Company”), a clinical-stage specialty pharmaceutical company that
focuses on developing and commercializing products for treating
diseases and disorders of the eye, today announced financial
results for the three-month period ended March 31, 2017, and
provided an update on recent corporate and operational
achievements.
First Quarter 2017 and Recent Business
Highlights:
- Reported positive top-line data from first-in-human pilot study
of EyeGate Ocular Bandage Gel (“EyeGate OBG”) in the treatment of
corneal epithelial defects;
- Strengthened Scientific Advisory Board through appointments of
Daniel S. Durrie, M.C. and Randall J. Olson, M.D.;
- Entered into exclusive, worldwide licensing agreement with
Valeant Pharmaceuticals International, Inc. (“Valeant”) for EGP-437
combination product to treat post-operative pain and inflammation
in ocular surgery patients. Under the agreement, the Company
received an upfront cash payment and is eligible to receive
development and commercial milestone payments as well as royalties
on the sale of the product.
Stephen From, President and Chief Executive
Officer of EyeGate, said, “The first quarter of 2017 saw a
continuation of the significant momentum we built throughout last
year. Our EGP-437 program was highlighted by the signing of our
second exclusive worldwide licensing agreement with Valeant, this
time in the field of cataract surgery, which provided non-dilutive
capital in the form of an upfront payment and has the potential to
generate significant incremental value through milestone payments
and potential royalties on the sale of the product.”
Mr. From continued, “Additionally, the lead
product in our first-in-class CMHA-S platform, EyeGate OBG,
generated promising top-line data from its first-in-human pilot
study in the treatment of corneal epithelial defects, which served
as the basis for the recent submission of an IDE for our second
pilot study of the product. We look forward to continued
interaction with the FDA during the review process, and are excited
by the prospect of initiating this next study, for which we expect
top-line data in the second half of the year. We anticipate a
number of important milestones as the year progresses, and believe
that EyeGate is optimally positioned for continued execution
against our primary clinical, strategic and operational
objectives.”
First Quarter 2017 Financial
Review
EyeGate’s revenue for the three months ended March 31, 2017 was
$0.19 million, compared with no revenue in the three months ended
March 31, 2016. Revenue for the first quarter of 2017 was
attributable to collaboration revenue from U.S. government grants
to support the development of products based on the Company’s
CMHA-S platform technology.
Net loss for the three months ended March 31, 2017 was $2.9
million, compared with $2.4 million in the first quarter of
2016.
Research and development expenses were $1.8 million for the
three months ended March 31, 2017, compared with $0.9 million for
the three months ended March 31, 2016. The increase of $0.9 million
was primarily due to an increase in clinical and other activity
related to the development of and clinical trial for the EyeGate
OBG, research expenses attributable to the Company’s EGP-437-based
and CMHA-S-based product pipelines, as well as increases in payroll
related costs as a result of the acquisition of Jade Therapeutics,
Inc. in March 2016 (the “Jade Acquisition”).
General and administrative expenses were $1.3 million for the
three months ended March 31, 2017, compared with $1.5 million for
the three months ended March 31, 2016. The decrease of $0.2 million
was primarily due to decreases in professional fees for costs
incurred during the first quarter of 2016 related to the Jade
Acquisition, partially offset by increases in payroll, office and
other expenses as company operations have expanded with the
acceleration in clinical activity related to the EGP-437 Phase 3
trials for the treatment of anterior uveitis, the Phase 1b/2a trial
for post-cataract surgery inflammation and pain, and the clinical
trial for the EyeGate OBG, as well as the expansion of operations
following the Jade Acquisition.
Cash and cash equivalents as of March 31, 2017 totaled $5.4
million, compared with $3.6 million as of December 31, 2016. The
increase in cash and cash equivalents was primarily attributable to
the upfront payment received under the Valeant licensing agreement
and net proceeds of $1.8 million from the sale of shares under the
Company’s ATM agreement.
About EyeGate:EyeGate is a clinical-stage
specialty pharmaceutical company that is focused on developing and
commercializing products for treating diseases and disorders of the
eye. EyeGate is developing products using CMHA-S, a modified form
of the natural polymer hyaluronic acid (HA), which possesses unique
physical and chemical properties such as hydration and healing
properties. The ability of CMHA-S to adhere longer to the ocular
surface, resist degradation and protect the ocular surface makes it
well-suited for treating various ocular surface injuries.
EGP-437, EyeGate’s other product in clinical trials,
incorporates a reformulated topically active corticosteroid,
Dexamethasone Phosphate that is delivered into the ocular tissues
through EyeGate’s proprietary innovative drug delivery system, the
EyeGate II Delivery System. For more information, please visit
www.EyeGatePharma.com.
Forward-looking Statements
Some of the statements in this press release are
“forward-looking” and are made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These “forward-looking” statements include statements relating to,
among other things, the commercialization efforts and other
regulatory or marketing approval efforts pertaining to EyeGate’s
products, including EyeGate’s EGP-437 combination product and those
of Jade, a wholly owned subsidiary of EyeGate, as well as the
success thereof, with such approvals or success may not be obtained
or achieved on a timely basis or at all. These statements involve
risks and uncertainties that may cause results to differ materially
from the statements set forth in this press release, including,
among other things, certain risk factors described under the
heading “Risk Factors” contained in our Annual Report on Form 10-K
filed with the SEC on February 23, 2017 or described in our other
public filings. Our results may also be affected by factors of
which we are not currently aware. The forward-looking statements in
this press release speak only as of the date of this press release.
EyeGate expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to such statements to
reflect any change in its expectations with regard thereto or any
changes in the events, conditions or circumstances on which any
such statement is based.
Contact:
Lee Roth / Janhavi Mohite
The Ruth Group for EyeGate Pharmaceuticals
646-536-7012 / 7026
lroth@theruthgroup.com / jmohite@theruthgroup.com
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