NEW YORK, Dec. 22, 2022 (GLOBE NEWSWIRE) -- While medical devices have seen incredible advancements over the last 100 years, ocular drug delivery systems have seen minimal progress; the standard eye dropper used today has gone largely unchanged in the last century. Eyenovia, Inc. (NASDAQ: EYEN), a pre-commercial ophthalmic technology company developing a pipeline of late-stage microdose array print (MAP™) therapeutics, is developing one of the first microdosing systems that aims to improve the overall patient experience and streamline practice flow by facilitating digital delivery of eye medications.
The investigational delivery device is currently only used in clinical study settings and has shown promise in delivering cleaner and more efficient ocular drug delivery. "The proprietary Eyenovia device takes a novel approach to administering eye medication via microdosing and does it in a way that should improve the patient experience," said Michael Rowe, CEO of Eyenovia. "Traditional eye droppers are cumbersome, inaccurate, and prone to contamination. Even when handled with care, there's still a significant likelihood that medication patients are paying for gets wasted due to missing drops."
The device is uniquely designed with no protruding parts and a recessed nozzle to not touch patients' eyes, reducing the likelihood of infection. Eyenovia also expects a more gentle dosing experience to create a fundamental paradigm shift in eye care.
Eye drop innovation has stagnated, in part due to changing medical device regulations that complicate patient access to innovative devices. Safety takes precedence in the medical device industry; however, as digital innovation leaps ahead of bureaucratic regulatory bodies, regulators are challenged to keep pace with the cutting-edge new products that push the boundaries of technology.
While the world of healthcare looked significantly different 100 years ago, similar paradigm shifts in medical technology through innovations like pacemakers, cochlear implants, 3-D printed body parts, and artificial hearts revolutionized their respective industries, greatly improving quality of life and patient care. With a market share valued at roughly €100 billion in Europe, medical devices make up 7.5% of healthcare expenditure in most publicly funded healthcare systems, and the American ecosystem is taking notice.
As American private venture capital makes inroads into the digital health market, the total capital investment in medical devices has increased by a factor of five, which portends a promising future for improved patient care. Medical technology device advancement is only expected to increase over the next five years, and Eyenovia is one of those industry leaders in championing innovation.
"We're proud to be innovating in this space where we have the potential to make lives easier for millions of Americans and people worldwide suffering from chronic eye conditions," adds Rowe.
For more information, visit eyenovia.com.
About Eyenovia, Inc.
Eyenovia, Inc. is a pre-commercial ophthalmic technology company developing a pipeline of microdose array print (MAP™) therapeutics. Eyenovia is currently focused on the late-stage development of microdosed medications for mydriasis, presbyopia and myopia progression. For more information, visit www.eyenovia.com.
Forward-Looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions, including estimated market opportunities for our product candidates and platform technology. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to, among other things: risks of our clinical trials, including, but not limited to, the costs, design, initiation and enrollment (which could still be adversely impacted by COVID-19), timing, progress and results of such trials; the timing of, and our ability to submit applications for, obtaining and maintaining regulatory approvals for our product candidates; the potential impacts of COVID-19 on our supply chain; the potential advantages of our product candidates and platform technology; the rate and degree of market acceptance and clinical utility of our product candidates; our estimates regarding the potential market opportunity for our product candidates; reliance on third parties to develop and commercialize our product candidates; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our product candidates; intellectual property risks; changes in legal, regulatory and legislative environments in the markets in which we operate and the impact of these changes on our ability to obtain regulatory approval for our products; and our competitive position. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws. Eyenovia does not undertake any obligation to update any forward-looking statements.
Contact Information:
Norbert Lowe
Vice President, Commercial Operations
nlowe@eyenovia.com
Buse Kayar
buse@newswire.com
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