With the help of $61 million from EW Healthcare Partners and a third-party investor, pSivida (NSDQ:PSDV) announced today that it acquired Icon Bioscience and its FDA-approved dexamethasone intraocular suspension designed to treat postoperative inflammation. The two companies combined and plan to do business as EyePoint Pharmaceuticals.
pSivida also landed a $20 million debt facility from SWK Holdings Corp., to help fund the Icon buyout and prepare for the commercial launch of Icon’s Dexycu product.
“Today’s announcements significantly accelerate the transformation of pSivida into a specialty biopharmaceutical company with the potential to launch two ophthalmic products in the first half of 2019 with the FDA approval of Dexycu and active regulatory review of Durasert micro-insert for posterior segment non-infectious uveitis. Our goal is to leverage the commercial infrastructure we are building and become a sustainable growth company,” president & CEO Nancy Lurker said in prepared remarks.
The newly-established EyePoint Pharmaceuticals will trade on the Nasdaq exchange under the symbol “EYPT” effective April 2.
“Our rebranding and name change reflect the tremendous progress we’ve made and embody the momentum at EyePoint Pharmaceuticals. Our goal is to establish EyePoint Pharmaceuticals as a leader in developing and launching innovative ophthalmic products in indications with high unmet medical need to improve the lives of patients with serious eye disorders. We are pleased to partner with EW and SWK to assure that we have not only the funding to achieve our goals, but also the deep strategic and healthcare domain expertise to ensure our ability to execute on our strategy,” she added.
The Watertown, Mass.-based company also touted today that the FDA accepted the application for its Durasert drug-releasing insert. The U.S. regulatory agency will review the product’s efficacy as a treatment for non-infectious posterior segment uveitis and make a decision by Nov. 5, pSivida reported.