EyePoint Pharmaceuticals (NASDAQ:EYPT) news from yesterday concerning a massive deal with Ocumension Therapeutics has EYPT stock continuing to climb higher on Friday.
This deal is an expansion on a previous exclusive license agreement. It allows Ocumension Therapeutics to develop and commercialize EyePoint Pharmaceuticals’ YUTIQ and DEXYCU in select Asian markets. That includes South Korea and other areas.
As part of this agreement, Ocumension Therapeutics has made a $9.5 million upfront payment to EyePoint Pharmaceuticals. This also meets the final prepayment and other payment requirements from the previous agreement.
George Elston, the CFO and head of corporate development at EyePoint Pharmaceuticals, said the following about the news.
“We are delighted to expand our partnership with Ocumension to include the broader Asian marketplace. The payment from the expanded license agreements will support our operations and the ongoing clinical development of our pipeline, including our lead candidate, EYP-1901, a potential six-month sustained delivery therapy for wet age-related macular degeneration.”
EyePoint Pharmaceuticals is a U.S. pharmaceutical company that develops ophthalmic products to treat patients with serious eye disorders. The company’s headquarters is located in Watertown, Mass.
Ocumension Therapeutics is a Chinese pharmaceutical platform company that focuses on the development and commercialization of ophthalmic therapies. It seeks to become a leader in China when it comes to ophthalmology.
EYPT stock was up 20.9% as of Friday afternoon continuing an 11.5% run from Thursday. However, it’s down 62.1% since the start of the year as of Thursday’s closing.
As of this writing, William White did not hold a position in any of the aforementioned securities.