Eyenovia is looking to raise up to $35 million in an initial public offering, according to recent filings. The company plans to use the funds to support trials of its device, which is designed to deliver small doses of drugs to the eye.
The New York-based company uses a piezo-electric dispensation technology to deliver microdoses of drugs topically to the eye. The device tracks patient compliance and is designed to help avoid the adverse events linked to treating eye diseases, which Eyenovia hypothesizes are due to the large volume of drug delivered by traditional eye droppers.
According to regulatory filings, Eyenovia plans to use the $7.4 million it has on-hand plus the cash from its IPO to finish Phase III trials for MicroProst, its chronic angle closure glaucoma product, and for MicroStat, a product used to dilate the eyes during an eye exam.
The 7-person company said it is pursuing a 505(b)(2) pathway since only the drug comes into contact with the body.
As it moves forward with its clinical programs, Eyenovia is also in the midst of a legal spat that began after the company purchased Corinthian Ophthalmic’s assets. Eyenovia’s chief executive, Dr. Tsontcho Ianchulev, and two board members were involved in both Eyenovia and Corinthian.
A Corinthian shareholder has alleged a fraudulent transfer, according to the company’s filings, but Eyenovia said it doesn’t anticipate suffering a material loss as a result of the case. The two parties held a settlement conference this year, but are “not close to agreement on a settlement,” Eyenovia wrote.