Phenylephrine Hydrochloride

Eyenovia, Inc. and Betaliq, Inc. could potentially be heading toward a “reverse merger transaction” to form a new ophthalmic company, the companies recently announced. We’ll start with Eyenovia. Based in New York, the commercial-stage ophthalmic pharmaceutical technology company is developing a pipeline of micro-dosed treatments for front-and-back-of-eye diseases, including presbyopia, mydriasis, and myopia. On the regulatory side: The company’s Mydcombi (tropicaide and phenylephrine hydrochloride ophthalmic spray) 1% / 2.5% for inducing mydriasis was cleared by the FDA in 2023. The Optejet device is exclusively designed for ocular therapeutics as a way to dispense topical eye medications using Eyenovia’s Microdose Array Print (MAP) technology as a topical delivery system (similar to an inkjet printer). The process: Medication is dispensed horizontally in a mist to coat the surface of the cornea, with contact to the eye occurring at a low velocity to reduce ocular impact. The glaucoma-focused, clinical-stage pharmaceutical company—launched via a collaboration with Novaliq GmbH—is developing a portfolio of topical glaucoma treatments featuring a unique delivery system of its own. Eyenovia entered into a non-binding LOI with Betaliq to consider a reverse merger transaction to create a new ophthalmic company focused on the aforementioned proprietary technologies. Its proposed therapeutic focus: glaucoma. While both the Optejet and EyeSol platforms provide similar benefits for enhancing products’ ease of use and compliance with therapeutics, the companies also noted that—most importantly—EyeSol is compatible with the Optejet. Plus: EyeSol delivers a 10 microliters (µL) drop size that can be replicated in the Optejet device. There is, actually. Per the companies, the value for each—assuming zero cash (net of liabilities) at the closing of this potential merger—would be: For equity holders: As a result of this exchange ratio, the intent would be for Betaliq and Eyenovia equity holders to own an estimated 83.7% and 16.3% of the newly-combined company, respectively. Eyenovia CEO Michael Rowe stated that a potential merger is “in the best interests of our company, our team members, patients, and shareholders.” Similarly: Betaliq CEO Barry Butler emphasized the “significant opportunity in the eyecare space” that the joining of both technologies could represent for patients with glaucoma and other ocular diseases—not to mention opportunities for pipeline expansion. No exact timeframe has been shared so far. Even further: The deal will be contingent on a number of factors and definitive agreements from both sides. There are! Eyenovia plans to file for U.S. regulatory approval of a user-filled version of the Optejet, designed to operate with a number of topical ophthalmic liquids such as artificial tears and rewetting products. So on both fronts—this merger and the user-filled Optejet—stay tuned for news!