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EyePoint Pharmaceuticals Reports Fourth Quarter and Full Year 2020 Financial Results and Highlights Recent Corporate Developments- $115.1 million follow-on financing completed in February 2021 - First patient dosed in Phase 1 clinical trial with EYP-1901 in January 2021 - $16.5 million monetization of ILUVIEN Royalty with $15 million applied to reduction in debt obligations in December 2020 - $15.7 million equity investment by Asia partner Ocumension Therapeutics in December 2020 - Total revenues for Full Year 2020 of $34.4 million including net product revenues of $20.8 million - Management to host a conference call and webcast today at 8:30 AM ET WATERTOWN, Mass., March 04, 2021 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a pharmaceutical company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders, today announced financial results for the fourth quarter and year ended December 31, 2020 and highlighted recent corporate developments. “This year was transformative for EyePoint, across all clinical, financial and commercial fronts, despite the impact of COVID-19 on our business. In December 2020, we filed the IND for EYP-1901, a potential twice-yearly sustained delivery intravitreal anti-VEGF treatment for wet age-related macular degeneration (wet AMD), and the first patient was dosed in January. We are excited about the potential for EYP-1901 to dramatically transform the treatment of wet AMD offering patients the opportunity for fewer treatments and improved results,” said Nancy Lurker, President and Chief Executive Officer of EyePoint Pharmaceuticals. “On the commercial front, despite the challenges of COVID-19 with closures in the earlier part of the year, we were pleased to see a return of customer demand of our commercial products to near pre-COVID levels in the second half of 2020.” Ms. Lurker continued, “In addition to the advancement of EYP-1901, we have made tremendous progress to improve our balance sheet, including a recent upsized follow-on stock offering with $115.1 million of gross proceeds and a $16.5 million royalty monetization with $15 million applied to reduce outstanding debt obligations.” Corporate Update
Commercial Performance in Fourth Quarter 2020
R&D Highlights
Review of Results for Fourth Quarter Ended December 31, 2020 Net revenue from licenses, royalties and collaborations for the three months ended December 31, 2020 totaled $0.4 million compared to $0.7 million in the corresponding quarter in 2019. Operating expenses for the three months ended December 31, 2020 totaled $19.9 million compared to $17.6 million in the prior year period. This increase was driven by a $1.6 million increase in G&A expense, a $1.1 million increase in cost of sales and a $1.1 million increase in R&D expense being partially offset by a $1.6 million reduction in sales and marketing expense. Non-operating expense, net, for the three months ended December 31, 2020 totaled $2.7 million of net interest expense. Net loss for the three months ended December 31, 2020 was $15.5 million, or $1.07 per share, compared to a net loss of $10.4 million, or $0.98 per share, for the prior year quarter. Review of Results for the Full Year Ended December 31, 2020 Net revenue from royalties and collaborations for the full year ended December 31, 2020 totaled $13.6 million compared to $3.5 million in the corresponding period in 2019. Operating expenses for the full year ended December 31, 2020 totaled $71.7 million versus $68.2 million in the prior year period. This increase was primarily due to a $3.1 million increase in cost of sales, a $2.8 million increase in G&A expense, a $2.1 million increase in R&D expense partially offset by a $4.5 million decrease in sales and marketing expense. Non-operating expense, net, totaled $8.1 million and net loss was $45.4 million, or $3.54 per share, compared to a net loss of $56.8 million, or $5.44 per share, for the prior year period. Cash and cash equivalents at December 31, 2020 totaled $44.9 million compared to $22.2 million at December 31, 2019. Financial Outlook Conference Call Information About EYP-1901 About EyePoint Pharmaceuticals, Inc. (Nasdaq:EYPT) is a pharmaceutical company committed to developing and commercializing innovative therapeutics to help improve the lives of patients with serious eye disorders. The Company's pipeline leverages its proprietary Durasert® technology for extended intraocular drug delivery including EYP-1901, a potential twice-yearly sustained delivery intravitreal anti-VEGF treatment initially targeting wet age-related macular degeneration. The Company has two commercial products: YUTIQ®, for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye, and DEXYCU®, for the treatment of postoperative inflammation following ocular surgery. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts. To learn more about the Company, please visit www.eyepointpharma.com and connect on Twitter and LinkedIn. SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION ACT OF 1995: To the extent any statements made in this press release deal with information that is not historical, these are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding the anticipated use of proceeds for the proposed offering and other statements identified by words such as “will,” “potential,” “could,” “can,” “believe,” “intends,” “continue,” “plans,” “expects,” “anticipates,” “estimates,” “may,” other words of similar meaning or the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause EyePoint’s actual results to be materially different than those expressed in or implied by EyePoint’s forward-looking statements. For EyePoint, this includes the continued impact of the COVID-19 pandemic on EyePoint’s business, the medical community and the global economy and the impact of general business and economic conditions, our expectations regarding the timing and clinical development of our product candidates, including EYP-1901; and the potential for EYP-1901 as a novel twice-yearly treatment for serious eye diseases, including wet age-related macular degeneration, diabetic retinopathy and retinal vein occlusion; the effectiveness and timeliness of clinical trials, and the usefulness of the data; the timeliness of regulatory approvals; our ability to achieve profitable operations and access to needed capital; fluctuations in our operating results; our ability to successfully produce sufficient commercial quantities of YUTIQ and DEXYCU and to successfully commercialize YUTIQ and DEXYCU in the U.S.; our ability to sustain and enhance an effective commercial infrastructure and enter into and maintain commercial agreements for YUTIQ and DEXYCU; the development of our YUTIQ line extension shorter-duration treatment for non-infectious uveitis affecting the posterior segment of the eye; the success of current and future license agreements, including our agreements with Ocumension Therapeutics and Equinox Science; termination or breach of current license agreements, including our agreements with Ocumension Therapeutics and Equinox Science; our dependence on contract research organizations, co-promotion partners, and other outside vendors and service providers; effects of competition and other developments affecting sales of products; market acceptance of products; effects of guidelines, recommendations and studies; protection of intellectual property and avoiding intellectual property infringement; retention of key personnel; product liability; industry consolidation; compliance with environmental laws; manufacturing risks; risks and costs of international business operations; volatility of stock price; possible dilution; absence of dividends; and other factors described in our filings with the Securities and Exchange Commission. We cannot guarantee that the results and other expectations expressed, anticipated or implied in any forward-looking statement will be realized. A variety of factors, including these risks, could cause our actual results and other expectations to differ materially from the anticipated results or other expectations expressed, anticipated or implied in our forward-looking statements. Should known or unknown risks materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected in the forward-looking statements. You should bear this in mind as you consider any forward-looking statements. Our forward-looking statements speak only as of the dates on which they are made. We do not undertake any obligation to publicly update or revise our forward-looking statements even if experience or future changes makes it clear that any projected results expressed or implied in such statements will not be realized. Investors: Christina Tartaglia Media:
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