Eyenovia rises on deal with Taiwan-based Formosa Pharma for eye treatment

Formosa Pharmaceuticals

16/08/2023 12:56

** Shares of opthalmic technology co Eyenovia Inc  EYEN.O 
rise 1.5% to $2.05 premarket 
    ** Co has entered into an agreement with Taiwan-based
Formosa Pharmaceuticals  6838.TWO  acquiring the exclusive U.S.
rights to distribute and sell APP13007
   ** APP13007 is being developed as a treatment for pain and
inflammation after eye surgery
    ** It is currently under review by the U.S. FDA with the set
action date of March 4, 2024
     ** The total deal, including upfront payment and
development and sales milestones, has a value of $86 million
dollars, with additional considerations throughout the term of
the agreement
    ** Up to last close, EYEN stock up ~24% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))