Eyenovia sets range for IPO
N.Y.-based startup Eyenovia updated its regulatory filings to reveal that it plans to offer 2.73 million shares priced between $10 – $12 apiece in its initial public offering.
The 7-person company, which is developing a device to deliver small doses of drugs to the eye, is applying to list on the Nasdaq exchange under the symbol, “EYEN”.
Eyenovia first announced its IPO in December last year, writing that it planned to use the funds to support clinical trials of its drug-delivery tech.
The 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.
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 company noted that it is pursuing a 505(b)(2) pathway since only the drug comes into contact with the body.