Eyenovia Enters into Non-Binding Letter of Intent to Effect Reverse Merger with Betaliq
Eyenovia (NASDAQ: EYEN) has entered into a non-binding letter of intent for a reverse merger with Betaliq, potentially creating a new publicly-listed eye care company. The merger would combine Betaliq's EyeSol® water-free drug delivery technology for glaucoma with Eyenovia's Optejet® dispensing platform.
The proposed transaction values Betaliq at approximately $77 million and Eyenovia at $15 million. Post-merger ownership would be split with Betaliq equity holders owning 83.7% and Eyenovia shareholders retaining 16.3% on a fully diluted basis.
The combined entity would continue marketing Eyenovia's FDA-approved products while leveraging the compatibility between EyeSol technology (featuring 10-microliter drop size) and the Optejet platform. The deal remains subject to due diligence, definitive agreements, board approvals, and financing contingencies.
Eyenovia (NASDAQ: EYEN) ha firmato una lettera di intenti non vincolante per una fusione inversa con Betaliq, creando potenzialmente una nuova azienda di cura degli occhi quotata in borsa. La fusione combinerebbe la tecnologia di somministrazione di farmaci senza acqua EyeSol® di Betaliq per il glaucoma con la piattaforma di distribuzione Optejet® di Eyenovia.
La transazione proposta valuta Betaliq a circa 77 milioni di dollari e Eyenovia a 15 milioni di dollari. Dopo la fusione, la proprietà sarebbe suddivisa con i detentori di equity di Betaliq che possiedono 83,7% e gli azionisti di Eyenovia che mantengono 16,3% su base completamente diluita.
L'entità combinata continuerà a commercializzare i prodotti approvati dalla FDA di Eyenovia, sfruttando al contempo la compatibilità tra la tecnologia EyeSol (con una dimensione di goccia di 10 microlitri) e la piattaforma Optejet. L'accordo è soggetto a due diligence, accordi definitivi, approvazioni del consiglio e condizioni di finanziamento.
Eyenovia (NASDAQ: EYEN) ha entrado en una carta de intención no vinculante para una fusión inversa con Betaliq, creando potencialmente una nueva empresa de cuidado ocular que cotiza en bolsa. La fusión combinaría la tecnología de entrega de medicamentos sin agua EyeSol® de Betaliq para el glaucoma con la plataforma de dispensación Optejet® de Eyenovia.
La transacción propuesta valora a Betaliq en aproximadamente 77 millones de dólares y a Eyenovia en 15 millones de dólares. Después de la fusión, la propiedad se dividiría con los accionistas de Betaliq poseyendo 83,7% y los accionistas de Eyenovia reteniendo 16,3% en base totalmente diluida.
La entidad combinada continuará comercializando los productos aprobados por la FDA de Eyenovia, aprovechando la compatibilidad entre la tecnología EyeSol (con un tamaño de gota de 10 microlitros) y la plataforma Optejet. El acuerdo está sujeto a la debida diligencia, acuerdos definitivos, aprobaciones de la junta y contingencias de financiamiento.
아이노비아 (NASDAQ: EYEN)는 베탈리크와의 역합병을 위한 비구속적인 의향서를 체결하여, 잠재적으로 새로운 상장 안과 회사가 탄생할 수 있는 기회를 마련했습니다. 이 합병은 베탈리크의 안압 상승 치료를 위한 물 없는 약물 전달 기술 EyeSol®과 아이노비아의 Optejet® 배포 플랫폼을 결합할 것입니다.
제안된 거래는 베탈리크의 가치를 약 7,700만 달러로, 아이노비아의 가치를 1,500만 달러로 평가하고 있습니다. 합병 후 소유권은 베탈리크 주주가 83.7%를 소유하고 아이노비아 주주가 16.3%를 완전 희석 기준으로 유지하는 방식으로 나뉘게 됩니다.
결합된 회사는 아이노비아의 FDA 승인 제품을 계속 마케팅하면서 EyeSol 기술(10 마이크로리터의 방울 크기)과 Optejet 플랫폼 간의 호환성을 활용할 것입니다. 이 거래는 실사, 최종 계약, 이사회 승인 및 자금 조달 조건에 따라 진행됩니다.
Eyenovia (NASDAQ: EYEN) a signé une lettre d'intention non contraignante pour une fusion inversée avec Betaliq, créant potentiellement une nouvelle entreprise de soins oculaires cotée en bourse. La fusion combinerait la technologie de délivrance de médicaments sans eau EyeSol® de Betaliq pour le glaucome avec la plateforme de distribution Optejet® d'Eyenovia.
La transaction proposée évalue Betaliq à environ 77 millions de dollars et Eyenovia à 15 millions de dollars. Après la fusion, la propriété serait répartie avec les détenteurs d'actions de Betaliq possédant 83,7% et les actionnaires d'Eyenovia conservant 16,3% sur une base entièrement diluée.
L'entité combinée continuera à commercialiser les produits approuvés par la FDA d'Eyenovia tout en tirant parti de la compatibilité entre la technologie EyeSol (avec une taille de goutte de 10 microlitres) et la plateforme Optejet. L'accord est soumis à une diligence raisonnable, des accords définitifs, des approbations du conseil et des conditions de financement.
Eyenovia (NASDAQ: EYEN) hat einen nicht bindenden Letter of Intent für eine Umkehrfusion mit Betaliq unterzeichnet, was potenziell die Gründung eines neuen börsennotierten Unternehmens im Bereich Augenpflege zur Folge haben könnte. Die Fusion würde die wasserfreie Arzneimittelabgabe-Technologie EyeSol® von Betaliq für Glaukom mit der Abgabetechnologie Optejet® von Eyenovia verbinden.
Die vorgeschlagene Transaktion bewertet Betaliq auf etwa 77 Millionen Dollar und Eyenovia auf 15 Millionen Dollar. Nach der Fusion würde sich das Eigentum aufteilen, wobei die Betaliq-Aktionäre 83,7% und die Eyenovia-Aktionäre 16,3% auf voll verwässerter Basis halten würden.
Die kombinierte Einheit wird weiterhin die von der FDA genehmigten Produkte von Eyenovia vermarkten und gleichzeitig die Kompatibilität zwischen der EyeSol-Technologie (mit einer Tropfengröße von 10 Mikrolitern) und der Optejet-Plattform nutzen. Der Deal unterliegt der Due Diligence, endgültigen Vereinbarungen, Genehmigungen des Vorstands und Finanzierungsbedingungen.
- Combined company would leverage two FDA-approved technologies
- Potential for expanded product portfolio through established partnerships
- Compatibility between EyeSol and Optejet technologies creates synergistic opportunities
- Continued marketing of existing FDA-approved products
- Significant dilution for current EYEN shareholders (reduced to 16.3% ownership)
- Deal remains subject to multiple contingencies including financing
- Non-binding agreement with no guarantee of completion
- Low valuation of Eyenovia at $15 million relative to Betaliq's $77 million
Insights
Eyenovia's non-binding letter of intent with Betaliq represents significant ownership dilution for current shareholders but may provide a strategic lifeline. The proposed reverse merger values Betaliq at
This ownership structure signals Eyenovia's relatively weak negotiating position. The strategic alternatives review initiated in January suggests management has been actively seeking options, potentially indicating financial or operational challenges. The dramatic valuation disparity confirms Eyenovia's diminished market standing.
The combined company would merge two complementary FDA-approved technologies - Betaliq's EyeSol water-free drug delivery system for glaucoma and Eyenovia's Optejet dispensing platform. This technological synergy could create a more competitive offering in the ophthalmic market, particularly for glaucoma treatments.
For investors, this presents a mixed scenario: substantial ownership dilution balanced against potential longer-term viability. The continuation of marketing Eyenovia's FDA-approved products and plans to in-license additional products could generate near-term revenue, potentially offsetting some immediate shareholder concerns.
This remains a non-binding letter of intent with multiple contingencies including due diligence, definitive agreements, board approvals, and financing conditions - introducing significant execution risk.
Combination, if successful, would create a new publicly-listed eye care company combining Betaliq’s EyeSol® water-free drug delivery technology for glaucoma with Eyenovia’s Optejet® device platform
The combined company would continue marketing Eyenovia’s FDA-approved products – and plans to in-license additional products to generate near-term revenue
NEW YORK, March 20, 2025 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (NASDAQ: EYEN) (“Eyenovia” or the “Company”), an ophthalmic technology company developing and commercializing advanced products leveraging its proprietary Optejet topical ophthalmic medication dispensing platform, today announced that it has entered into a non-binding letter of intent (LOI) contemplating a potential reverse merger transaction with Betaliq, Inc., a clinical stage pharmaceutical company with a therapeutic focus on glaucoma.
The proposed merger would create a new ophthalmic company that combines two FDA-approved technologies: Betaliq’s EyeSol® water-free drug delivery technology for use in glaucoma, and Eyenovia’s Optejet topical ophthalmic liquid dispensing platform.
The proposed transaction remains subject to completion of mutually satisfactory due diligence, the negotiation and execution of definitive agreements on mutually satisfactory terms, the approval of such definitive documentation by the boards of directors of both Eyenovia and Betaliq, and the completion of necessary financing contingencies. There can be no assurance that any such agreement will be executed or the proposed transaction with Betaliq will be consummated, or as to the timing of the entry of any such agreement or the consummation of such proposed transaction.
The proposed transaction assumes a value for Betaliq of approximately
Betaliq’s EyeSol technology offers increased bioavailability and a drop size of 10 microliters that can be replicated in the Optejet device. The EyeSol technology is currently used and licensed in FDA-approved topical eye care medications, including MEIBO™ (perfluorohexyloctane ophthalmic solution, Bausch + Lomb) and VEVYE™ (cyclosporine ophthalmic solution
Eyenovia’s Optejet dispensing platform, in addition to providing similar benefits to those provided by EyeSol, also may enhance the performance of products by making it easier to use and comply with therapy. Importantly, EyeSol is compatible with the Optejet.
Eyenovia continues to advance development of the user-filled Optejet and remains on track to file for U.S. regulatory approval in the fourth quarter of this year. The user-filled Optejet is designed to work with a variety of topical ophthalmic liquids, including artificial tears and lens rewetting products.
“Following a review of strategic alternatives that we initiated in January, I, along with my fellow Board members, concluded that continuing the negotiation of this potential merger with Betaliq is in the best interests of our company, our team members, patients and shareholders,” stated Michael Rowe, Chief Executive Officer of Eyenovia. “Under a combined new company, if the transaction is completed, our existing products could continue to be marketed to ophthalmologists and optometrists, while the combination of the EyeSol and Optejet technologies has the potential to create a platform that could fundamentally improve how topical eye medications and products are administered. We look forward to working with the Betaliq team on the completion of due diligence and the negotiation and potential execution of a definitive merger agreement in the coming weeks.”
Barry Butler, Chief Executive Officer of Betaliq, added, “This proposed merger with Eyenovia represents a significant opportunity in the eyecare space. The inherent synergies of the EyeSol and Optejet technologies could bring innovative new treatment options to patients with glaucoma as well as other ocular diseases. By leveraging the existing pipelines of Eyenovia and Betaliq with multiple opportunities for pipeline expansion through established partnerships, we believe we can build a leading ophthalmic company.”
Eyenovia does not intend to discuss or disclose further developments regarding these discussions unless and until such definitive agreement is executed or its Board of Directors has otherwise determined that further disclosure is appropriate or required by law.
Chardan is acting as advisor to Eyenovia in connection with the proposed transaction. Raymond James is acting as an advisor to Betaliq.
About Betaliq, Inc.
Betaliq, Inc., is a clinical stage pharmaceutical company with a therapeutic focus on Glaucoma, founded in 2018 through a collaboration with Novaliq GmbH. Betaliq is developing a global portfolio of topical glaucoma treatments based on the unique EyeSol® topical delivery system developed by Novaliq. This unique water-free eye drop technology offers increased residency time and enhanced bioavailability to provide the needed efficacy, while using less total drug. EyeSol® based eye drops are non-preserved not containing any chemical preservatives, like benzalkonium chloride, that can cause damage to the ocular surface, while being dispensed in a traditional multi-dose eye drop bottle. For more information, please visit Betaliq.com.
About Eyenovia, Inc.
Eyenovia, Inc. is an ophthalmic technology company developing and commercializing advanced products leveraging its proprietary Optejet topical ophthalmic medication dispensing platform. The Optejet is especially useful in chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance versus standard eye drops. Together, these benefits may combine to produce better treatment options and outcomes for patients and providers. The company’s current commercial portfolio includes clobetasol propionate ophthalmic suspension,
Forward Looking Statements
Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to the potential transaction with Betaliq, our future activities or other future events or conditions, including those relating to the completion of due diligence on and a definitive transaction agreement with Betaliq, the estimated market opportunities for our platform technology, the timing for sales growth of our approved products, and the outcome of the process to explore strategic alternatives to maximize shareholder value. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission.
In addition, such statements could be affected by risks and uncertainties related to, among other things: the risk that the proposed transaction with Betaliq does not proceed; risks of our clinical trials, including, but not limited to, the potential advantages of our products, and platform technology; the rate and degree of market acceptance and clinical utility of our products; our estimates regarding the potential market opportunity for our products; reliance on third parties to develop and commercialize our products; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products; intellectual property risks; changes in legal, regulatory, legislative and geopolitical environments in the markets in which we operate and the impact of these changes on our ability to obtain regulatory approval for our products and product candidates; our competitive position; and our ability to raise additional funds and to make payments on our debt obligations as and when necessary.
Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Eyenovia does not undertake any obligation to update any forward-looking statements.
| Eyenovia Contact: Eyenovia, Inc. Norbert Lowe Vice President, Commercial Operations nlowe@eyenovia.com | Betaliq Contact: Betaliq, Inc. Barry Butler Chief Executive Officer bbutler@blgmgmt.com |
| Eyenovia Investor Contact: Eric Ribner LifeSci Advisors, LLC eric@lifesciadvisors.com (646) 751-4363 | |
FAQ
What is the proposed valuation for Eyenovia (EYEN) in the Betaliq merger?
What percentage will current EYEN shareholders own in the combined company?
When is Eyenovia planning to file for U.S. regulatory approval of the user-filled Optejet?
How does the EyeSol technology complement Eyenovia's Optejet platform?
