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EyePoint gets stockholder approval for capital financing
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EyePoint Pharmaceuticals has received stockholder approval for a second tranche of growth capital under a securities purchase agreement with Essex Woodland Healthcare Partners and Rosalind Advisors, according to a press release.
Gross proceeds, which includes $9.5 million from the March 2018 equity financing with EW Healthcare Partners, will total $35 million upon closing, the release said. In addition, the company will draw an additional $5 million under its existing credit agreement with SWK Funding LLC, and assuming full exercise of the warrants, total gross proceeds will come to $60.5 million.
The funding will be used to transform the company into a commercial-stage biopharmaceutical company with two product launches expected in the first half of 2019: Dexycu for the treatment of postoperative inflammation and Yutiq for the treatment of noninfectious uveitis.
“We appreciate the ongoing commitment of our stockholders and of EW Healthcare Partners and Rosalind Advisors, who recognize the value potential in our long-term vision,” Nancy Lurker, EyePoint president and CEO, said in the release. “We look forward to executing on our commercialization plans and to fulfilling our promise of delivering ophthalmic products to patients with serious eye disorders.”