EyeGate Pharmaceuticals Reports Second Quarter 2017 Financial Results and Provides Business Update
August 07 2017 - 7:30AM
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 June 30, 2017, and
provided an update on recent corporate and operational activities.
Second Quarter 2017 and Recent Business
Highlights:
- Completed public offering of common stock generating gross
proceeds of $10 million;
- Received milestone payment from Valeant Pharmaceuticals under
EGP-437 ocular surgery licensing agreement; and
- Submitted investigational device exemption (IDE) filing for a
second pilot study of EyeGate ocular bandage gel (EyeGate
OBG).
“Our achievements during the second quarter are
very well aligned with our strategy and establish a solid
foundation for what we expect will be an exciting second half of
the year,” said Stephen From, President and Chief Executive Officer
of EyeGate. In May, we received our first milestone payment from
Valeant under our worldwide licensing agreement for EGP-437 in
ocular surgery. We look forward to continuing our partnership with
Valeant as we further advance EGP-437 in the licensed
indications.
“We are also making remarkable progress in the
development of our other core asset. In May, we submitted an IDE
application for initiation of a second pilot study of our Ocular
Bandage Gel, the lead product in our cross-linked thiolated
carboxymethyl hyaluronic acid (CMHA-S) platform, for the
acceleration of re-epithelialization of large corneal epithelial
defects in patients having undergone photorefractive keratectomy
(PRK). We received FDA feedback on the application in June and
anticipate refiling the IDE to address the Agency’s comments later
this quarter. Our development plans for OBG remain unchanged, as we
anticipate initiating a study soon after approval of the IDE, with
the potential for top-line data by the end of this year.”
Mr. From concluded, “Recently, we completed a
successful public offering with gross proceeds of $10 million,
which underscores the confidence of our investors in EyeGate’s
products and business strategy. The proceeds from this financing
will enable advancement of our clinical development plans and
support our operations. We are proud of the progress we made during
the first half of the year and truly believe that EyeGate is poised
for long-term growth and success as we continue working toward out
goals.”
Second Quarter 2017 Financial
Review
EyeGate’s revenue for the second quarter of 2017
was $0.148 million, compared with $0.235 million in the second
quarter of 2016. Revenue generated 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 second quarter of 2017 was $3.3
million, compared with $3.8 million in the second quarter of
2016.
Research and development expenses were $2.3 million
for the three months ended June 30, 2017, compared with $2.5
million for the three months ended June 30, 2016. The decrease of
$0.2 million was primarily due to reduced activity in the Phase 3
clinical trial for anterior uveitis, caused by a change in
manufacturers for the placebo and control arm eye drops used in the
trial, which was completed in the second quarter. This decrease was
partially offset by increases in the development of and clinical
trial for the EyeGate OBG, the Phase 2b trial for post-cataract
surgery inflammation and pain, and personnel related costs as we
support these activities.
General and administrative expenses were $1.2
million for the three months ended June 30, 2017, compared with
$1.6 million for the three months ended June 30, 2016. The decrease
of $0.4 million was primarily due to decreases in corporate and
professional fees for costs incurred during the second quarter of
2016.
Cash and cash equivalents as of June 30, 2017
totaled $11.8 million, compared with $3.6 million as of December
31, 2016. The increase in cash and cash equivalents was primarily
attributable to the public offering of common stock generating net
proceeds of $8.8 million, the upfront and milestone payment
received under the Valeant licensing agreement of $4.6 million, and
net proceeds of $1.8 million from the sale of shares under the
Company’s ATM agreement, offset by cash outflows to fund the
Company’s operations.
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 StatementsSome
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, plus other 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 and our
quarterly report on Form 10-Q, as filed with the SEC on August 4,
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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