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 September 30, 2017, and provided an update
on recent corporate and operational activities.
Third Quarter 2017 and Recent Business
Highlights:
- Completed patient enrollment in the Phase 2b clinical trial of
the EGP-437 combination product for the treatment of pain and
inflammation in patients having undergone cataract surgery;
- Strengthened the Company’s management with appointment of Mike
Garanzini as the Company’s Chief Commercial Officer; and
- Expanded Scientific Advisory Board with appointment of two
prominent eye care experts, Vance Thompson, MD and Paul Karpecki,
OD, FAAO, to provide strategic counsel on the clinical advancement
of pipeline products.
Stephen From, President and CEO of EyeGate, commented, “EyeGate
has made remarkable progress this quarter by executing on our
strategic plan to establish the company as a leader in the
ophthalmology space. Recently, we strengthened our management team,
as well as the scientific advisory board, to advise the company on
various important clinical development matters. We appointed Mike
Garanzini as the Company’s Chief Commercial Officer, with the
responsibility for developing and implementing the marketing and
commercialization strategy for our non-partnered pipeline programs.
We also appointed Dr. Vance Thompson and Dr. Paul Karpecki to our
scientific advisory board to provide valuable perspective on
advancing our assets through clinical development.”
“In addition, we recently completed enrollment in the Phase 2b
study of the EGP-437 combination product in cataract surgery
patients, and continue enrolling subjects in our Phase 3 study of
EGP-437 in anterior uveitis. We expect to report top-line results
from the cataract study in the first quarter of 2018, with data
from the anterior uveitis trial expected in the second quarter of
2018.”
“Overall, this is an exciting time for the company with several
significant milestones on the horizon. We believe we are well
equipped to continue driving toward our goal of creating
shareholder value through the continued development of products
that have the potential to address unmet needs in ophthalmology and
make a meaningful difference in patients’ lives.”
Third Quarter 2017 Financial Review
EyeGate’s revenue for the third quarter of 2017 totaled $0.075
million, compared with $0.274 million in the third 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. These grants were
fully funded as of September 30, 2017.
Net loss in the third quarter of 2017 was $4.1 million, compared
with $3.4 million in the third quarter of 2016.
Research and development expenses were $3.2 million for the
three months ended September 30, 2017, compared with $2.5 million
for the three months ended September 30, 2016. The increase of $0.7
million was primarily due to increases in clinical and other
activity related to the Phase 2b clinical trial for post-cataract
surgery inflammation and pain and the EyeGate OBG eye drop,
partially offset by a decrease in costs related to the EGP-437
Phase 3 trial for the treatment of anterior uveitis.
General and administrative expenses were $1.0 million for the
three months ended September 30, 2017, compared with $1.2 million
for the three months ended September 30, 2016. The decrease of $0.2
million was due primarily to lower professional fees incurred
during the third quarter of 2017.
Cash and cash equivalents as of September 30, 2017 totaled $9.2
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 payments received under the
Valeant licensing agreement of $5.4 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 EyeGateEyeGate 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, 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 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
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