WATERTOWN, MA — EyePoint Pharmaceuticals Inc. has received a $15.7 million equity investment from Ocumension Therapeutics, a China-based ophthalmic pharmaceutical company traded on the Stock Exchange of Hong Kong.
“This investment underscores our continued strong partnership with Ocumension for YUTIQ and DEXYCU in Asia,” said Nancy Lurker, CEO of EyePoint. “We are excited about the significant potential of these products in both the U.S. and in Asia and for our R&D pipeline, including the Phase 1 trial of EYP-1901 in wet age-related macular degeneration that is expected to commence in the coming months.”
Ye Liu, CEO of Ocumension, said: “We are delighted to support our partnership with EyePoint through this investment, as we prepare for the development and commercialization of YUTIQ and DEXYCU, under Ocumension branded labels, across Asian markets. We share EyePoint’s commitment to rapidly advancing new treatments for ocular disease in attractive markets and look forward to commercial launches in China in the coming year.”
In conjunction with the investment, Ye Liu has been appointed to the EyePoint board of directors, replacing Kristine Peterson, who stepped down from the board effective Dec. 31.
Under terms of the agreement, Ocumension (1477.HK) purchased approximately 3.01 million shares of EyePoint’s (NASDAQ: EYPT) common stock at a five-day trailing volume weighted average price as of the close of trading on Dec. 29 of approximately $5.22 per share.
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Cash and cash equivalents are estimated to be approximately $44 million on Dec. 31, including the net proceeds from the Ocumension equity investment.
