EyePoint Pharmaceuticals Secures $29 Million in Equity Financing to Advance Innovative Ophthalmic Products

VCBeat (WeChat ID: VCbeat) has learned that on October 16, biopharmaceutical company EyePoint Pharmaceuticals (NASDAQ: EYPT) completed a new equity financing round of $29 million, led by EW Healthcare Partners and Rosalind Advisors. EyePoint acquired Icon Bioscience, an innovative ophthalmic drug R&D company, in March 2018. Since its listing, the company has completed a total of $86.8 million in equity financing.

Nancy Lurker, CEO and President of EyePoint, stated, “We will leverage this financing to further advance our commercialization efforts and launch DEXYCU. Furthermore, if YUTIQ receives approval in the first half of 2019, it will facilitate our transition into the commercialization phase.”

DEXYCU, administered as a single intraocular injection at the conclusion of ophthalmic surgery for the treatment of postoperative inflammation following cataract surgery, is the first and only FDA-approved intraocular drug indicated for this condition.

Approximately 4 million cataract surgeries are performed annually in the United States. Postoperative patients often experience various complications, such as corneal edema, iridocyclitis, iris prolapse, and retinal detachment. The most severe complication is acute endophthalmitis, which can impair vision or even lead to blindness if not treated promptly. Conventional post-cataract surgery care is highly complex, requiring patients to administer eye drops four times daily for one week. The single-dose, sustained-release profile of DEXYCU significantly improves patient recovery following cataract surgery.

It is reported that the FDA will make a decision on EyePoint’s New Drug Application for Yutiq by November 5, 2018. Yutiq is an intravitreal fluocinolone acetonide injection primarily indicated for the treatment of non-infectious posterior uveitis.

EyePoint focuses on developing sustained-release drug delivery systems to treat debilitating ocular diseases and other localized chronic conditions. Currently, the company has two proprietary technology platforms: Durasert™ and Verisome™ technologies.

Durasert™ technology is a small, injectable, sustained-release drug delivery system capable of continuously releasing small-molecule drugs for up to three years. To date, four products utilizing this technology have received FDA approval. These products include YUTIQ™ (fluocinolone acetonide intravitreal implant) 0.18 mg, ILUVIEN® (fluocinolone acetonide intravitreal implant) 0.19 mg, RETISERT® (fluocinolone acetonide intravitreal implant) 0.59 mg, and VITRASERT® (ganciclovir) 4.5 mg.

Verisome™ technology enables sustained release of small molecules in suspension, providing 1–6 months of extended release with a single injection. DEXYCU® (dexamethasone intraocular suspension) 9%, which utilizes this technology, has received FDA approval. To date, EyePoint has developed five FDA-approved ophthalmic sustained-release therapies.

EyePoint’s R&D Pipeline (Image from Official Website)

EyePoint Pharmaceuticals, founded in 2000 and headquartered in Massachusetts, USA, is a specialized biopharmaceutical company. The company is dedicated to developing and commercializing innovative ophthalmic products that address high unmet medical needs, aiming to improve the lives of patients with serious eye diseases. Its preclinical development programs focus on leveraging its core Durasert® and Verisome® technology platforms to develop therapies for age-related macular degeneration, glaucoma, osteoarthritis, and other conditions.