WALTHAM, MA — EyeGate Pharmaceuticals Inc., a clinical-stage company focused on developing products for treating disorders of the eye, has raised $5 million in a stock offering.
The proceeds come from a registered direct offering of 500,000 shares of common stock at $10 per share.
EyeGate (NASDAQ: EYEG) plans to use the net proceeds to obtain additional capital to support its operations, including for clinical trials, for working capital and for other general corporate purposes, according to a press release.
EyeGate’s lead product, Ocular Bandage Gel, is based on a modified form of the natural polymer hyaluronic acid, which is a gel that possesses unique properties providing hydration and healing when applied to the ocular surface. EyeGate is in the clinic for two different patient populations: photorefractive keratectomy surgery to demonstrate corneal wound repair and punctate epitheliopathies, which includes the treatment of dry eye.
The objective of OBG is to re-epithelialize the cornea, reduce the risk of infection, improve symptoms, and improve ocular surface integrity. The company states that current treatments often fall short as they are ineffective in protecting and enabling corneal re-epithelialization.
If EyeGate receives FDA approval following successful completion of the PRK pivotal study, the company believes OBG will be the only prescription hyaluronic acid eye drop in the U.S. and the only eye drop in the U.S. approved for the healing of corneal epithelial defects, according to the press release. Additionally, if the clinical trials for patients with PE are successful, EyeGate believes OBG will be the only eye drop in the U.S. approved for the treatment of PE.
EGP-437, EyeGate’s other product, incorporates a reformulated topically active corticosteroid, dexamethasone phosphate, that is delivered into the ocular tissues through EyeGate’s proprietary innovative drug delivery system, the EyeGate II Delivery System.