EYENOVIA ANNOUNCES $12

EYENOVIA ANNOUNCES $12 MILLION REGISTERED DIRECT

NEW YORK, August 24, 2023 (GLOBE NEWSWIRE)

-- Eyenovia, Inc. (NASDAQ: EYEN), a commercial-stage ophthalmic technology company commercializing Mydcombi (tropicamide+phenylephrine

ophthalmic spray for mydriasis) and developing the Optejet device for use both in connection with its own drug-device therapeutic

product candidates for presbyopia and pediatric progressive myopia as well as out-licensing for additional indications, today announced

that it has entered into a Securities Purchase Agreement with a leading health care investor in an offering of 4,198,633 shares of its

common stock, pre-funded warrants to purchase up to 2,252,979 shares of common stock and warrants to purchase up to 4,838,709 shares of

common stock (the "Offering"). The combined offering price for each share of common stock and accompanying warrant is $1.86,

and the offering price for each pre-funded warrant and accompanying warrant is $1.85.

The warrants will have an exercise price of $2.23

per share, will not be exercisable until six months after the date of issuance and will have a term of five years from the first date

on which they may be exercised. The pre-funded warrants will have an exercise price of $0.01 per share, will be immediately exercisable

and will remain exercisable until exercised in full. The proceeds from the Offering, before deducting the placement agents' fees

and other offering expenses payable by Eyenovia, are expected to be $12 million (excluding any proceeds that may be received upon the

exercise of the warrants or the pre-funded warrants). The Offering is expected to close on or about August 29, 2023, subject to the

satisfaction of customary closing conditions. All of the securities in the Offering are being sold by Eyenovia.

Eyenovia intends to use the net proceeds from

this Offering to fund commercialization of a post-ophthalmic surgery product with a PDUFA date in March, 2024 that would, assuming receipt

of regulatory approvals, enter a market valued at $1.3 billion. Proceeds will also be used for manufacturing automation activities for

the Optejet device, and for working capital and general corporate purposes.

William Blair is acting as the sole lead-placement

agent for the Offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as the co-placement agent for the

The securities described above are being offered by Eyenovia pursuant

to its previously filed shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission

(the "SEC") on December 23, 2021. The Offering may be made only by means of a prospectus supplement and accompanying

prospectus. A prospectus supplement relating to the Offering will be filed with the SEC and, once filed, will be available on the SEC's

website at www.sec.gov. When available, copies of the prospectus supplement and the accompanying prospectus relating to the Offering may

also be obtained by contacting William Blair & Company, L.L.C. at 150 North Riverside Plaza, Chicago, Illinois 60606, Attention:

Prospectus Department, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.

This press release shall not constitute an offer

to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction

in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such

state or jurisdiction.

About Eyenovia, Inc.

Eyenovia, Inc. (NASDAQ: EYEN) is a commercial

stage ophthalmic pharmaceutical technology company developing a pipeline of microdose array print therapeutics based on its Optejet platform.

Eyenovia is currently focused on the commercialization of Mydcombi (tropicamide+phenylephrine ophthalmic spray) for mydriasis, as well

as the ongoing late-stage development of medications in the Optejet device for presbyopia and myopia progression (partnered with Bausch+Lomb).

Forward Looking Statements

Except for historical information, all the statements,

expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are

not limited to, statements regarding the completion of the Offering, the intended use of net proceeds from the Offering, and potential

regulatory approvals and accessible markets for the Company's product candidates. These statements are based on current expectations,

estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of

future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results

may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to

numerous factors discussed from time to time in documents which we file with the SEC. Any forward-looking statements speak only as of

the date on which they are made, and except as may be required under applicable securities laws, Eyenovia does not undertake any obligation

to update any forward-looking statements.

Chief Financial Officer

Eyenovia Investor Contact:

LifeSci Advisors, LLC

Eyenovia Media Contact:

Vice President, Commercial Operations