EyeGate Pharmaceuticals Reports Second Quarter 2018 Financial Results and Provides Business Update
August 03 2018 - 8:30AM
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 June 30, 2018, and provided an update on
recent corporate and operational activities.
Stephen From, EyeGate’s Chief Executive Officer, said, “We
continue to hit operational milestones, which culminated with the
FDA’s approval of our two IDE submissions, allowing us to move
forward with clinical trials for the EyeGate Ocular Bandage Gel in
two indications.” Mr. From continued, “Additionally, we added two
new Board members, who each bring a wealth of biopharmaceutical
experience to EyeGate. We are proud of our progress and will
continue to work to maximize value for shareholders and improve the
quality of life for patients with diseases and disorders of the
eye.”
Recent Business Highlights:
• FDA Approves Two IDE Submissions for the EyeGate Ocular
Bandage Gel (OBG)
- After successfully addressing the FDA’s questions regarding its
IDE submissions, the Company was granted approval of EyeGate OBG
trials for patients that have undergone photorefractive keratectomy
(PRK) surgery and for patients with punctate epitheliopathies
(PE).
• Addition of Two New Board Members
- The Company added Steven Boyd, Chief Investment Officer of
Armistice Capital, and Peter Greenleaf, Chief Executive Officer of
Cerecor, Inc. to its Board of Directors.
Second Quarter 2018 Financial Review:
EyeGate’s revenue in the second quarter of 2018 totaled $0.242
million, compared with $0.148 million in the second quarter of 2017
and $1.096 million in the first quarter of 2018. Revenue generated
in the second quarter of 2018 was attributable to milestone
payments earned from Bausch Health Companies (“BHC”), formerly
known as Valeant Pharmaceuticals, compared to revenue generated in
the second quarter of 2017 from U.S. government grants.
EyeGate’s net loss in the second quarter of 2018 was $2.780
million, compared with $3.327 million in the second quarter of 2017
and $2.379 million in the first quarter of 2018.
Research and development expenses were $1.838 million in the
second quarter of 2018, compared with $2.262 million in the second
quarter of 2017 and $2.521 million in the first quarter of 2018.
The decrease of $0.424 million compared to the second quarter of
2017 was primarily due to decreases in clinical activity for the
EGP-437 trials for the treatment of post cataract surgery
inflammation and pain; chemistry, manufacturing and controls (CMC)
work related to EyeGate OBG; and research activity. These decreases
were partially offset by increases in CMC work related to EGP-437
and personnel related costs.
General and administrative expenses were $1.203 million in the
second quarter of 2018, compared to $1.213 million in the second
quarter of 2017 and $0.954 million in the first quarter of 2018.
The decrease of $0.010 million compared to the second quarter of
2017 was primarily due to decreases in corporate and personnel
related costs, partially offset by an increase in professional fees
for legal and corporate communication costs.
Cash and cash equivalents as of June 30, 2018 totaled $12.605
million, compared with $7.806 million as of December 31, 2017. The
increase in cash and cash equivalents was primarily due to net
proceeds of $10.109 million from the completion of a public
offering, as well as cash receipts from BHC; 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 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
(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 the
EyeGate OBG product, 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
Joe Green/Andrew GibsonEdison Advisors for EyeGate
Pharmaceuticals(646)
653-7030/7719jgreen@edisongroup.com/agibson@edisongroup.com
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