Business
EyePoint Pharmaceuticals Announces Sale of YUTIQ® to Alimera Sciences, Inc. for $82.5 Million Cash Plus Royalties
–$75M paid at closing with an additional $7.5M payable in equal quarterly installments in 2024 – All outstanding bank debt retired and expected cash runway
About this update from Eyepoint, Inc.
[{"type":"text","content":"–$75M paid at closing with an additional $7.5M payable in equal quarterly installments in 2024 – All outstanding bank debt retired and expected cash runway extended into 2025 – EyePoint well-capitalized beyond key EYP-1901 Phase 2 DAVIO 2 and PAVIA clinical trial inflection points WATERTOWN, Mass., May 18, 2023 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a company committed to developing and commercializing therapeutics to improve the lives of patients with serious eye disorders, today announced that it has entered into a definitive agreement for the sale of YUTIQ® (fluocinolone acetonide intravitreal implant) 0.18mg to Alimera Sciences, Inc. (“Alimera”). YUTIQ is a treatment for chronic non-infectious uveitis affecting the posterior segment of the eye. Under the terms of the agreement, Alimera will receive global rights to YUTIQ outside of China, Hong Kong, Taiwan, Macau and Southeast Asia, where YUTIQ is exclusively licensed to Ocumension Therapeutics (“Ocumension”), and EyePoint will continue to receive royalties from Ocumension for its YUTIQ sales. In exchange for the rights granted to Alimera under the agreement, EyePoint received a $75 million up-front cash payment at closing and will receive an additional $7.5 million in equal quarterly installments in 2024. In addition, commencing in 2025, EyePoint will receive a low to mid double-digit royalty on Alimera’s related U.S. net sales above defined thresholds for the calendar years 2025-2028. “This transaction completes EyePoint’s transformation into a pure play drug development company focused on advancing and expanding a pipeline of sustained delivery treatments for serious eye diseases, including our lead product candidate EYP-1901, currently in Phase 2 trials in wet age-related macular degeneration and non-proliferative diabetic retinopathy,” said Nancy Lurker, Chief Executive Officer of EyePoint Pharmaceuticals. “This value-creating transaction has enabled EyePoint to pay off all outstanding bank debt at closing, reduce our projected SG&A spending and extend our cash runway into 2025 as we prepare for the potential Phase 3 pivotal trials for EYP-1901.” Ms. Lurker continued, “The EyePoint commercial organization has laid a strong foundation for YUTIQ, including 60% year-over-year revenue growth in Q1 of this year, and we are incredibly grateful for ...