EyePoint Pharmaceuticals received $28.9 million in proceeds from exercised warrants by EW Healthcare Partners, Rosalind Advisors and another accredited investor.
Here's what you should know:
1. CMS approved the reimbursement code for Dexycu — C9034 — Sept 5., triggering the exercise deadline for these warrants.
2. Under the terms of the second tranche securities purchase agreement, second tranche investors received warrants to purchase an additional 20,184,224 shares of the company's common stock. Stockholders approved the agreement June 22.
3. The warrant exercise builds on gross proceeds of approximately $9.5 million from equity financing in March and the approval of the second tranche of capital financing in June. EyePoint received total gross proceeds of $63.9 million from the first and second tranche investors.
4. EyePoint Pharmaceuticals is a specialty biopharmaceutical company developing and commercializing ophthalmic products.
"The additional capital will fund our ongoing commercialization initiatives for the planned product launches of Dexycu and, if approved, Yutiq, in the first half of 2019, as well as general corporate purposes to support our transition into a commercial-stage organization," said EyePoint Pharmaceuticals President and CEO Nancy Lurker.