Eyenovia provides update on potential merger and Optejet development

Eyenovia (EYEN) provided updates on its potential merger with Betaliq and the ongoing development of its novel Optejet user filled device or UFD. Negotiations continue towards a binding merger agreement with Betaliq, a clinical-stage private pharmaceutical company focused on glaucoma with access to Eyesol, a non-aqueous technology that may address many of the needs of these patients. The companies have agreed to extend the binding exclusivity period set forth in the Letter of Intent until June 7 to allow more time to complete and execute the anticipated merger agreement. Progress in the development of the Optejet UFD continues and remains on track to file for U.S. regulatory approval in September of this year. An approval would provide for potential multiple commercial opportunities either directly with consumers or through eye care practitioner offices as well as potential and existing license partners, including Arctic Vision in China and Korea. A broad restructuring of the company was implemented, reducing overall cash burn by approximately 70% versus one year ago and entering into a debt restructuring agreement earlier this year which defers certain repayment obligations until October 2025.