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 twelve-month period ended December 31, 2017, and
provided an update on recent corporate and operational
achievements.
2017 and Recent Business
Highlights:
- Reported topline data from the Phase 2b clinical trial of the
EGP-437 combination product for the treatment of pain and
inflammation in patients having undergone cataract surgery; EGP-437
demonstrated a higher rate of success compared to vehicle at all
time points, but did not show statistical significance in the
trial’s co-primary endpoints;
- Reported positive topline data from the first-in-human pilot
study of EyeGate Ocular Bandage Gel (OBG) in the treatment of
corneal epithelial defects and submitted Investigational Device
Exemption (IDE) for second pilot study;
- Awarded new U.S. patent for iontophoretic delivery of
corticosteroids to the eye;
- Announced promotion of Sarah Romano to Chief Financial Officer
and appointment of Mike Garanzini as Chief Commercial Officer;
- Raised capital through a public offering of $10.0 million to
support clinical operations and other general corporate
purposes;
- Expanded Scientific Advisory Board with additional
distinguished leaders in ophthalmology; and
- Received multiple milestone payments from Valeant related to
development of the EGP-437 combination product in anterior uveitis
and treatment of post-operative pain and inflammation in ocular
surgery patients.
“In 2017, we significantly advanced the
development of both of our ophthalmic platforms, expanded our
strategic partnerships, and strengthened our balance sheet,” said
Stephen From, President and Chief Executive Officer of EyeGate. “On
the operational front, we made several new appointments to our
management team and scientific advisory board, further
strengthening what was already a solid leadership group to help
guide the Company both scientifically and operationally.
“On the clinical front, we are anticipating data
from our ocular bandage gel trials in photorefractory kerectomy in
first half of 2018 and punctate epitheliopathy in the third quarter
of this year. Looking at our iontophoresis delivery platform, we
reached 75% enrollment in our pivotal Phase 3 trial of anterior
uveitis resulting in a milestone payment from Valeant. We expect to
report top-line data from the trial in the third quarter of this
year. Early in the year, we signed a second licensing agreement
with Valeant to develop and commercialize our EGP-437 combination
product in cataract surgery. Recently, we announced topline results
from the Phase 2b trial of EGP-437 in this indication. Although the
trial did not meet its co-primary endpoints, EGP-437 clearly
demonstrated higher benefit at all time points as compared to the
vehicle. We are further evaluating the data to determine the
optimal path forward.”
Mr. From concluded, “Our team is focused on
achieving multiple objectives in 2018 with several potential
catalysts ahead of us. On behalf of the Company, I would like to
thank our shareholders for their ongoing support.”
Full-Year 2017 Financial
Review
EyeGate’s revenue for the year ended December
31, 2017 totaled $0.408 million, compared with $0.669 million for
the year ended December 31, 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. These grants were fully funded as
of December 31, 2017.
Net loss for the year ended December 31, 2017 was $13.2 million,
compared with $13.3 million for the year ended December 31,
2016.
Research and development expenses for the year ended December
31, 2017 totaled $10.3 million, compared with $8.4 million for the
year ended December 31, 2016. The increase of $1.9 million was
primarily due to an increase in clinical and other activity, which
the Company was able to undertake after its June 2017 follow-on
offering, related to the Phase 2b trial for post-cataract surgery
inflammation and pain and the EyeGate OBG eye drop. These increases
were partially offset by a decrease in clinical activity related to
the EGP-437 Phase 3 trial for the treatment of anterior
uveitis.
General and administrative expenses were $4.6 million for the
year ended December 31, 2017, compared with $5.6 million for the
year ended December 31, 2016. The decrease of $1.0 million was due
primarily to lower professional fees incurred during the year ended
December 31, 2017.
Income tax benefit was $1.3 million for the year ended December
31, 2017, compared with zero for the year ended December 31,
2016. The income tax benefit was generated in 2017 due to the
partial release of valuation allowance against previously recorded
deferred tax assets as a result of the impact of the Tax Cuts and
Jobs Act where future reversals of deductible temporary differences
can offset taxable temporary differences from future net operating
loss carryforwards due to their indefinite carryforward period
under the new tax law.
Cash and cash equivalents as of December 31, 2017 totaled $7.8
million, compared with $3.6 million as of December 31, 2016. The
increase in cash and cash equivalents of $4.2 million was primarily
attributable to the public offering of common stock generating net
proceeds of $8.8 million, the upfront and milestone payments
received under the Valeant licensing agreements of $8.1 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
focused on developing and commercializing products using its two
proprietary platform technologies for treating diseases and
disorders of the eye.
EyeGate’s most advanced platform is based on a cross-linked
thiolated carboxymethyl hyaluronic acid (“CMHA-S”), a modified form
of the natural polymer hyaluronic acid (“HA”), which is a gel that
possesses unique physical and chemical properties such as hydrating
and healing when applied to the ocular surface. 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.
EyeGate Social Media
EyeGate uses its website (www.EyeGatePharma.com), Facebook page
(https://www.facebook.com/ EyeGatePharma/), corporate Twitter
account (https://twitter.com/EyeGatePharma), and LinkedIn page
(https://www.linkedin.com/company/135892/) as channels of
distribution of information about EyeGate and its product
candidates. Such information may be deemed material information,
and EyeGate may use these channels to comply with its disclosure
obligations under Regulation FD. Therefore, investors should
monitor EyeGate’s website and its social media accounts in addition
to following its press releases, SEC filings, public conference
calls, and webcasts. The social media channels that EyeGate
intends to use as a means of disclosing the information described
above may be updated from time to time as listed on EyeGate’s
investor relations website.
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 Therapeutics, Inc., 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 EyeGate’s
Annual Report on Form 10-K filed with the SEC on February 23, 2017
or described in EyeGate’s other public filings. EyeGate’s results
may also be affected by factors of which EyeGate is 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 MohiteThe Ruth Group
for EyeGate Pharmaceuticals646-536-7012 /
7026lroth@theruthgroup.com / jmohite@theruthgroup.com
AB Corporate Bond ETF (NASDAQ:EYEG)
Historical Stock Chart
From Mar 2024 to Apr 2024
AB Corporate Bond ETF (NASDAQ:EYEG)
Historical Stock Chart
From Apr 2023 to Apr 2024