Business
EyePoint Pharmaceuticals Reports First Quarter 2020 Financial Results and Highlights Recent Corporate Developments
- Total revenues of $7.5 million and net product revenues of $4.7 million - - Cash conservation and reorganization initiatives coupled with recent financings
About this update from Eyepoint, Inc.
[{"type":"text","content":"- Total revenues of $7.5 million and net product revenues of $4.7 million -\n - Cash conservation and reorganization initiatives coupled with recent financings support cash runway into 2021 under current COVID-19 pandemic assumptions - - GLP toxicology studies initiated for EYP-1901, a six-month sustained release anti-VEGF potential treatment for wet age-related macular degeneration - - Management to host a conference call and webcast today at 8:30 AM ET - WATERTOWN, Mass., May 06, 2020 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a pharmaceutical company committed to developing and commercializing innovative ophthalmic products, today reported financial results for the first quarter ended March 31, 2020 and highlighted recent corporate developments. “We are pleased with product revenue performance in the first quarter, despite the negative impact on customer demand caused by COVID-19 pandemic-related closures of customer facilities beginning in March. We are encouraged that certain regions across the country are now starting to reopen for business, allowing us to begin resupplying physicians and ambulatory surgery centers with our innovative products,” said Nancy Lurker, President and Chief Executive Officer of EyePoint Pharmaceuticals. “We believe that both YUTIQ® and DEXYCU® are well-positioned to support physicians and patients in this COVID-19 era, as both products deliver extended duration therapeutic treatment from a single injection, which may reduce the frequency of in-person follow-up visits and contact with the patient’s face and eyes.” Ms. Lurker continued, “We remain committed to our mission of delivering innovative ophthalmic products to patients in need and continue to advance our lead development asset EYP-1901 toward clinical trials. EYP-1901 is an anti-VEGF, tyrosine kinase inhibitor (TKI) six-month sustained release potential therapy using our bioerodible Durasert® technology initially targeting wet age-related macular degeneration. Good laboratory practice (GLP) toxicology studies were initiated in March and we remain on schedule to file an Investigational New Drug (IND) application later this year with a Phase 1 clinical trial to follow.” Commercial Performance in First Quarter 2020 Customer demand trended strong for both products during the quarter prior to the emergence of the COVID-1...