- HC Wainwright Matthew Caufield launched the cover on Eyenovia Inc. EYESfocused on the development of ophthalmic therapies based on the company’s microdose printing (MAP) platform and Optejet spray device to optimize corneal topical drug delivery.
- The analyst initiated the hedge with a buy rating and a price target of $12.
- The analyst notes that the Optejet spray provides high precision microdosing and has been characterized to have a success rate of over 85% for topical ocular delivery compared to 40-50% for traditional droppers, as well as an instantaneous corneal surface coating that overrides the blink reflex eyepiece.
- Additionally, Optejet’s volumetric control delivers approximately 8 uL, comparable to the noted physiological capacity of the tear film. In contrast, standard eye drops deliver more than 30-50 uL, which coincides with a possible overdose.
- HC Wainwright notes that the ophthalmic spray pipeline includes:
- MicroLine pilocarpine for age-related presbyopia or farsightedness, usually treated with reading glasses.
- MydCombi fixed combination tropicamide 1% and phenylephrine 2.5% for pharmacological mydriasis or induced ocular dilation for comprehensive eye examinations and cataract surgery.
- MicroPine atropine for reducing the progression of pediatric myopia, or nearsightedness, in children aged 3 to 12 years.
- Price action: EYEN shares are up 11.63% at $2.40 when last checked on Wednesday.
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