Eyenovia, Inc. Announces Proposed Public Offering

Rhea-AI Summary

Eyenovia, Inc. (NASDAQ: EYEN), a commercial-stage ophthalmic company, has announced its intention to offer and sell shares of common stock (or pre-funded warrants) in a best efforts public offering. The offering's size and terms are subject to market conditions. Eyenovia plans to use the net proceeds for:

• Commercialization of Mydcombi and clobetasol propionate
• Completion of the CHAPERONE pediatric myopia clinical study
• Working capital and general corporate purposes
• Potential repayment of existing debt

Dawson James Securities, Inc. is acting as the sole placement agent. The offering is being made through a shelf registration statement and will be available via a prospectus supplement and accompanying prospectus.

Positive

• Potential to raise capital for commercialization and clinical study completion
• Opportunity to strengthen financial position and reduce debt

Negative

• Potential dilution of existing shareholders' equity
• Uncertainty regarding the offering's size and terms
• Market-dependent completion of the offering

Financial Analyst

Eyenovia's proposed public offering signals potential dilution for existing shareholders. While the company aims to raise capital for commercialization and clinical studies, the impact on stock price could be negative in the short term. The use of proceeds for debt repayment may improve the balance sheet, but it's important to monitor the offering's terms and pricing.

The best efforts nature of the offering introduces uncertainty about the amount of capital that will be raised. Investors should watch for the final terms and the market's reaction. The inclusion of pre-funded warrants adds complexity to the capital structure and potential future dilution. Overall, this move suggests Eyenovia needs additional funding to execute its strategy, which may reflect positively on growth prospects but negatively on current financial health.

Medical Research Analyst

Eyenovia's focus on funding the CHAPERONE pediatric myopia clinical study is noteworthy. Myopia is a growing global concern, especially in children, presenting a significant market opportunity. The company's commitment to this study suggests confidence in their approach to addressing this issue.

The allocation of funds to commercialize Mydcombi and clobetasol propionate indicates progress in their product pipeline. Mydcombi, for mydriasis (pupil dilation) and clobetasol, a corticosteroid, could address unmet needs in ophthalmology. However, investors should be cautious as commercial success is not guaranteed. The outcome of the CHAPERONE study and the market reception of these products will be critical in determining Eyenovia's long-term value proposition in the ophthalmic space.

Legal Expert

The offering's compliance with SEC regulations, including the use of a shelf registration statement (Form S-3), demonstrates Eyenovia's adherence to legal requirements. This transparent approach is positive for investor trust. However, the statement that the offering is subject to market conditions and may not be completed introduces a legal caveat that investors should note.

The company's clear disclosure about the use of proceeds and the involvement of Dawson James Securities as the sole placement agent provides necessary transparency. Investors should carefully review the prospectus supplement and accompanying prospectus when available, as these documents will contain important details about the offering's terms and associated risks. The explicit statement that this press release does not constitute an offer to sell is a standard legal protection, ensuring compliance with securities laws.

NEW YORK, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (“Eyenovia” or the “Company”) (NASDAQ: EYEN), a commercial-stage ophthalmic company, announced today that it intends to offer and sell shares of its common stock (or pre-funded warrants in lieu thereof) in a best efforts offering. All of the securities to be sold in the offering are to be offered by Eyenovia. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering (the "Offering").

The Company intends to use the net proceeds from this Offering to fund commercialization activities for Mydcombi and clobetasol propionate, complete the CHAPERONE pediatric myopia clinical study, and for working capital and general corporate purposes, which may include the repayment of a portion of existing indebtedness.

Dawson James Securities, Inc. is the sole placement agent for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-261638), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 14, 2021, and declared effective on December 23, 2021. The offering will be made only by means of a prospectus supplement and accompanying prospectus. The preliminary prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement may be obtained, when available, from Dawson James Securities, Inc., 101 North Federal Highway, Suite 600, Boca Raton, FL 33432 or by telephone at (561) 391-5555, or by email at investmentbanking@dawsonjames.com. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that Eyenovia has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about Eyenovia and such offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Eyenovia, Inc.

Eyenovia, Inc. is an ophthalmic technology company commercializing Mydcombi™ (tropicamide and phenylephrine hydrochloride ophthalmic spray) 1%/2.5% for mydriasis, Clobetasol Propionate Ophthalmic Suspension, 0.05% for postsurgical inflammation and pain, and developing the Optejet® device for use both in connection with its own drug-device therapeutic product for pediatric progressive myopia as well as out-licensing for additional indications. For more information, please visit Eyenovia.com.

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 our future activities or other future events or conditions, including those relating to the offering, the closing of the offering, the amount and anticipated use of proceeds from the offering, estimated market opportunities for our product candidates and 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: risks of our clinical trials, including, but not limited to, the costs, design, initiation and enrollment, timing, progress and results of such trials; the timing of, and our ability to submit applications for, obtaining and maintaining regulatory approvals for our products and product candidates; the potential advantages of our products, product candidates and platform technology; the rate and degree of market acceptance and clinical utility of our products and product candidates; our estimates regarding the potential market opportunity for our products and product candidates; reliance on third parties to develop and commercialize our products and product candidates; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products and product candidates; 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; and our competitive position.

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.
John Gandolfo
Chief Financial Officer
jgandolfo@eyenovia.com

Eyenovia Investor Contact:
Eric Ribner
LifeSci Advisors, LLC
eric@lifesciadvisors.com
(646) 751-4363

Eyenovia Media Contact:
Eyenovia, Inc.
Norbert Lowe
Vice President, Commercial Operations
nlowe@eyenovia.com

FAQ

What is the purpose of Eyenovia's (EYEN) proposed public offering?

Eyenovia (EYEN) intends to use the net proceeds from the offering to fund commercialization activities for Mydcombi and clobetasol propionate, complete the CHAPERONE pediatric myopia clinical study, and for working capital and general corporate purposes, including potential debt repayment.

How will Eyenovia's (EYEN) proposed offering be structured?

Eyenovia (EYEN) plans to offer and sell shares of its common stock or pre-funded warrants in a best efforts public offering. The size and terms are subject to market conditions.

Who is the placement agent for Eyenovia's (EYEN) proposed public offering?

Dawson James Securities, Inc. is acting as the sole placement agent for Eyenovia's (EYEN) proposed public offering.

How can investors access information about Eyenovia's (EYEN) proposed offering?

Investors can access information about Eyenovia's (EYEN) proposed offering through the preliminary prospectus supplement and accompanying prospectus, which will be available on the SEC's website and from Dawson James Securities, Inc.