EyeGate Pharmaceuticals, Inc. (NASDAQ:EYEG) (“EyeGate” or the
“Company”), a clinical-stage, specialty pharmaceutical company with
two proprietary platform technologies for treating diseases and
disorders of the eye, today announced financial results for the
three-month period ended March 31, 2018, and provided an update on
recent corporate and operational activities.
First Quarter 2018 and Recent Business
Highlights:
- Announced completion of an $11.25 Million Public Offering
- Granted new patent for Iontophoretic Contact Lens
Technology
- Received milestone payment for Confirmatory Phase 3 Clinical
Study of EGP-437 in Anterior Uveitis with the fulfillment of
enrollment
- Completed submission of Investigation Device Exemption (IDE)
Amendment and received feedback on Second Pilot Study of Ocular
Bandage Gel (EyeGate OBG) from the U.S. Food and Drug
Administration (FDA)
- Participated in the 30th Annual ROTH Conference, as well as the
BIO CEO & Investor Conference
“During the first quarter of 2018, we were able to reinforce our
core platforms at EyeGate with several strategic accomplishments,
as well as operational achievements that help solidify our
direction moving forward,” said Stephen From, President and Chief
Executive Officer of EyeGate Pharmaceuticals.
“Regarding EyeGate’s clinical operations,” Mr. From continued,
“Our clinical story has advanced with the submission of the
investigation device exemption (IDE) amendment for the second pilot
study of ocular bandage gel (EyeGate OBG), which summarized the
company’s response to the original IDE. The clarity provided by the
FDA’s response will help EyeGate move forward with an essential
second pilot study for our lead product. This combined with our
extensive patent profile will allow EyeGate to continue the
development pathway that has already been outlined.”
Mr. From also commented, “We continue to advance our clinical
programs, and with several significant upcoming milestones, we are
striving towards our core objectives of improving patients’ lives
and increasing shareholder value.”
First Quarter 2018 Financial Review
EyeGate’s revenue for the first quarter of 2018 totaled $1.096
million, compared with $0.185 million in the first quarter of 2017.
The increase of revenue generated is attributable to the Valeant
milestone payments earned during the first quarter of 2018.
EyeGate’s net loss in the first quarter of 2018 was $2.38
million, compared with $2.92 million in the first quarter of
2017.
Research and development expenses were $2.521 million for the
three months ended March 31, 2018, compared with $1.815 million for
the three months ended March 31, 2017. The increase of $0.706
million was primarily due to increases in clinical and other
activity related to EGP-437, including the Phase 3 trial for the
treatment of anterior uveitis, as well as related work for
Chemistry, Manufacturing and Controls (CMC).
General and administrative expenses were $0.954 million for the
three months ended March 31, 2018, compared with $1.289 million for
the three months ended March 31, 2017. The decrease of $0.335
million was primarily due to decreases in personnel-related costs,
as well as lower professional fees incurred during the first
quarter of 2018.
Cash and cash equivalents as of March 31, 2018 totaled $3.65
million, compared with $7.81 million as of December 31, 2017. The
decrease in cash and cash equivalents was primarily attributable to
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 CMHA-S 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,
corporate Twitter account, and LinkedIn page 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 March 2, 2018 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:
Joseph Green / Andrew Gibson
Edison Advisors for EyeGate Pharmaceuticals
646-653-7030 / 7019
jgreen@edisongroup.com / agibson@edisongroup.com
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