Full Press Release Details
Eyenovia, Inc. Announces Pricing of $1.9 Million Registered Direct
December 6, 2024 at 8:00 AM EST
NEW YORK, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (NASDAQ:
EYEN) ("Eyenovia" or the "Company"), an ophthalmic technology company developing and commercializing advanced
products leveraging its proprietary Optejet topical ophthalmic medication dispensing platform, today announced that it has entered into
a securities purchase agreement with a healthcare focused institutional investor for the purchase and sale of 20,085,025 shares of its
common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 40,170,050 shares of common
stock in a registered direct offering at a combined offering price of $0.0969 per share and accompanying warrants. The warrants will have
an exercise price of $0.0969 per share, will be exercisable commencing six months from the date of issuance or, if required by The Nasdaq
Capital Market, upon receipt of approval of the Company's stockholders, and will expire five years from the initial exercise date.
The closing of the offering is expected to take place on or about December 9, 2024, subject to the satisfaction of customary closing conditions.
The gross proceeds of the offering will
be approximately $1.9 million before deducting placement agent fees and other estimated offering expenses payable by the Company. The
Company intends to use the net proceeds from the offering for working capital and general corporate purposes, which may include the partial
repayment of amounts outstanding under the Loan and Security Agreement with Avenue Capital Management II, L.P. and related entities, and,
to the extent possible, advancement of the Company's next generation Optejet device, commercialization activities for Mydcombi and
clobetasol propionate, and the exploration and pursuit of strategic alternatives.
Chardan is acting as sole placement agent for the offering.
The securities described above are being
offered by Eyenovia pursuant to its previously filed shelf registration statement on Form S-3 (File No. 333-282458), which was declared
effective by the Securities and Exchange Commission (the "SEC") on October 8, 2024. The offering may be made only by means
of a base prospectus and accompanying prospectus supplement. 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. Additionally, when available,
electronic copies of the prospectus supplement may be obtained from Chardan Capital Markets, LLC, Attn: Capital Markets, One Pennsylvania
Plaza, Suite 4800, New York, New York 10119, by email at vdealwis@chardan.com.
About Eyenovia, Inc.
Eyenovia, Inc. is an ophthalmic technology
company developing and commercializing advanced products leveraging its proprietary Optejet topical ophthalmic medication dispensing platform.
The Optejet is especially useful in chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential
for superior compliance versus standard eye drops. Together, these benefits may combine to produce better treatment options and outcomes
for patients and providers. The company's current commercial portfolio includes clobetasol propionate ophthalmic suspension, 0.05%,
for post-surgical pain and inflammation, and Mydcombi for mydriasis. For more information, please visit Eyenovia.com.
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 that express our intentions, beliefs, expectations, strategies, predictions or any other statements
relating to our future activities or other future events or conditions, including those relating to the offering, the closing of the offering,
the amount and anticipated use of proceeds from the offering, estimated market opportunities for our platform technology, the timing for
sales growth of our approved products, and the outcome of the process to explore strategic alternatives to maximize shareholder value.
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 U.S. Securities
and Exchange Commission.
In addition, such statements could be
affected by risks and uncertainties related to, among other things: risks of our clinical trials, including, but not limited to, the potential
advantages of our products, and platform technology; the rate and degree of market acceptance and clinical utility of our products; our
estimates regarding the potential market opportunity for our products; reliance on third parties to develop and commercialize our products;
the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities
and strategies for our products; intellectual property risks; changes in legal, regulatory, legislative and geopolitical environments
in the markets in which we operate and the impact of these changes on our ability to obtain regulatory approval for our products and product
candidates; our competitive position; and our ability to raise additional funds as and when necessary.
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.
Vice President, Commercial Operations
Eyenovia Investor Contact:
LifeSci Advisors, LLC
Source: Eyenovia, Inc.