EyeGate Pharma: More than doubles on buying eye-disease focused Panoptes Pharma

Kiora Pharmaceuticals

21/12/2020 14:21

** Eye drug developer's shares  EYEG.O  more than doubles to
$7.35 premarket; among heavily traded stocks across U.S.
exchanges
    ** EYEG buys privately owned biotech co, Panoptes Pharma, to
strengthen its eye disease portfolio  urn:newsml:reuters.com:*:nGNX4cqzRQ
    ** Panoptes's treatment PP-001- small molecule inhibitor of
Dihydroorotate Dehydrogenase (DHODH)- to be added to EYEG's
pipeline
    ** Panoptes to become a wholly owned subsidiary of EYEG
    ** Consideration from EYEG is $4 mln at closing consisting
of common stock, preferred stock and cash
    ** Additional $1.5 mln will be issued in EYEG preferred
stock after a period of 18 months 
    ** Deal also includes two cash or share earn-out provisions,
each calling for an additional payment of up to $4.8 mln
    ** Stock down 64.4% YTD

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))