Eyenovia, Inc. (NASDAQ:EYEN), a commercial-stage ophthalmic technology company commercializing Mydcombi™ (tropicamide+phenylephrine ophthalmic spray for mydriasis) and developing the Optejet® device for use both in connection with its own drug-device therapeutic product candidates for presbyopia and pediatric progressive myopia as well as out-licensing for additional indications, today announced that it has entered into a Securities Purchase Agreement with a leading health care investor in an offering of 4,198,633 shares of its common stock, pre-funded warrants to purchase up to 2,252,979 shares of common stock and warrants to purchase up to 4,838,709 shares of common stock (the “Offering”). The combined offering price for each share of common stock and accompanying warrant is $1.86, and the offering price for each pre-funded warrant and accompanying warrant is $1.85.
The warrants will have an exercise price of $2.23 per share, will not be exercisable until six months after the date of issuance and will have a term of five years from the first date on which they may be exercised. The pre-funded warrants will have an exercise price of $0.01 per share, will be immediately exercisable and will remain exercisable until exercised in full. The proceeds from the Offering, before deducting the placement agents’ fees and other offering expenses payable by Eyenovia, are expected to be $12 million (excluding any proceeds that may be received upon the exercise of the warrants or the pre-funded warrants). The Offering is expected to close on or about August 29, 2023, subject to the satisfaction of customary closing conditions. All of the securities in the Offering are being sold by Eyenovia.
Eyenovia intends to use the net proceeds from this Offering to fund commercialization of a post-ophthalmic surgery product with a PDUFA date in March, 2024 that would, assuming receipt of regulatory approvals, enter a market valued at $1.3 billion. Proceeds will also be used for manufacturing automation activities for the Optejet® device, and for working capital and general corporate purposes.
William Blair is acting as the sole lead-placement agent for the Offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as the co-placement agent for the Offering.
