Eyenovia (NASDAQ:EYEN) is in the news Tuesday after a deal with Arctic Vision sent EYEN stock soaring higher.
An Eyenovia news release reveals that the company has signed an exclusive deal with Arctic Vision for the development and commercialization of MicroPine and MicroLine in China, Hong Kong, Macau, Taiwan, and South Korea. MicroPine is a treatment for progressive myopia and MicroLine is used to treat presbyopia.
The big news here for Eyenovia is that Arctic Vision will be paying the company as much as $45.75 million in upfront payments. The deal will also grant the company additional funds based on milestone goals. It also covers royalties and other situations that will require Arctic Vision to pay EYEN for the two treatments.
Dr. Sean Ianchulev, CEO and CMO of Eyenovia, said this about the news.
“This licensing agreement with Arctic Vision grows our commercial reach to address some of the largest progressive myopia markets in the world. With the continued validation of our therapeutic approach, the agreement also provides non-dilutive capital to further support our planned launch of MicroStat in the United States next year, as well as the ongoing development of our late stage ophthalmology pipeline including MicroPine for progressive myopia and MicroLine for improvement in near vision.”
EYEN stock was up 33.1% as of Tuesday afternoon but was down 15.7% since the start of the year when markets closed on Wednesday. Luckily, this news is pushing the stock to a new one-year high.
As of this writing, William White did not hold a position in any of the aforementioned securities.