Stock Alert: Eyenovia Surges To New 52-week High On Deal With Arctic Vision
Shares of Eyenovia Inc. (EYEN) are gaining more than 57 percent or $2.09 in Tuesday’s morning trade at $5.73, after touching a new 52-week high of $6.92 as the ophthalmic biopharmaceutical company announced a collaboration and license deal with Arctic Vision.
Eyenovia said it has entered into an exclusive license agreement for Arctic Vision a clinical stage biotech company focused on developing ophthalmology therapies in China and Asia, to develop and commercialize MicroPine for the treatment of progressive myopia and MicroLine for the treatment of presbyopia in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea.
Under the terms of the deal, Eyenovia may receive up to a total of $45.75 million in upfront payments as well as additional payments, based on development and regulatory milestones.
In addition, Arctic Vision will purchase its supply of MicroPine and MicroLine from Eyenovia. For such products not supplied by Eyenovia, the company will pay Eyenovia a mid-single digit percentage royalty on net sales of such products, subject to certain adjustments.
Eyenovia has traded in a range of $1.11 to $6.92 in the past 52 weeks.
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