WALTHAM, Mass., March 29, 2016 (GLOBE NEWSWIRE) -- Eyegate Pharmaceuticals, Inc. (NASDAQ:EYEG) (“EyeGate” or the “Company”), a specialty pharmaceutical company that focuses on developing and commercializing therapeutics and drug delivery systems for treating diseases of the eye, today announced financial results for the twelve-month period ended December 31, 2015 and provided an update on recent strategic and operational initiatives.
2015 and Recent Business Highlights:
- Bolstered development pipeline through acquisition of privately-held Jade Therapeutics and its cross-linked hyaluronic acid technology platform
- Completed public offering of common stock and warrants generating net proceeds of $8.8 million
- Reported interim data from Phase 1b / 2a trial of EGP-437 in macular edema, suggesting that iontophoresis can non-invasively deliver drug to the back of the eye;
- Received USPTO Notice of Allowance for two key patents relating to proprietary dexamethasone phosphate formulation and next generation iontophoretic delivery system
- Signed exclusive, worldwide licensing agreement with subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX) for EGP-437 in the field of uveitis, and received additional development milestone
“2015 was a successful year for the Company, and the momentum with which we ended the year has carried over into 2016,” said Stephen From, President and Chief Executive Officer of EyeGate. “In the first quarter of 2016, we significantly strengthened our development pipeline with the acquisition of Jade Therapeutics and its platform technology which complements our ongoing efforts to develop novel treatments for diseases of the eye. The preclinical assets we acquired have tremendous promise in a variety of indications, and we are excited to assess their potential through clinical studies which we expect to initiate later this year.”
Mr. From continued, “In addition to the Jade acquisition, we have continued to advance our lead product candidate, EGP-437 in uveitis, macular edema and other indications. In January, we enrolled the first patient in our confirmatory Phase 3 trial of EGP-437 in non-infectious anterior uveitis, which represents an important step toward bringing the product to market, and in the fourth quarter of 2015, we reported positive interim data from our Phase 1b / 2a macular edema trial, which suggests that our proprietary delivery technology can effectively deliver drug to the back of the eye in a non-invasive manner. We are extremely pleased with the progress we have made in 2015 and the early part of 2016, and look forward to the continued advancement of our pipeline.”
Full-year 2015 Financial Review
Net loss for 2015 was $8.4 million, compared with $1.6 million in 2014.
Research and development expenses for the year totaled $2.7 million compared with $0.5 million in 2014. The increase in research and development expense was primarily attributable to an increase in clinical activity for EGP-437, including the confirmatory Phase 3 clinical trial for the treatment of anterior uveitis and Phase 1b /2a clinical trial for the treatment of macular edema, as well as an increase in clinical operations staff and Scientific Advisory Board Fees.
General and administrative expenses were approximately $4.0 million, compared with $1.9 million in 2014. The increase was primarily related to an increase in personnel costs and an increase in costs associated with our February 2015 IPO and August 2015 follow-on offering.
Cash and cash equivalents as of December 31, 2015 totaled $8.4 million, compared with $0.2 million as of December 31, 2014. The increase in cash and cash equivalents was attributable to the proceeds of the Company’s IPO and follow on offerings in February and August 2015, respectively.
About EyeGate:
EyeGate is a clinical-stage specialty pharmaceutical company that is focused on developing and commercializing therapeutics and drug delivery systems for treating diseases of the eye. EGP-437, the Company’s lead product candidate, incorporates a reformulated topically active corticosteroid, Dexamethasone Phosphate that is delivered into the ocular tissues through EyeGate’s proprietary innovative drug delivery system, the EyeGate® II Delivery System. In addition to EGP-437 and the EyeGate® II Delivery System, the Company is developing several preclinical candidates based on a proprietary Cross-Linked Hyaluronic Acid (CMHA-S) platform. The lead product based on this platform, JDE-003, is expected to enter clinical trials for the repair of corneal epithelial defects in late 2016. For more information, please visit www.EyeGatePharma.com.
Safe Harbor Statement:
Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements include statements relating to, among other things, the commercialization efforts and other regulatory or marketing approval efforts pertaining to EyeGate’s products, including EGP-437, as well as the success thereof, with such approvals or success may not be obtained or achieved on a timely basis or at all. These statements involve risks and uncertainties that may cause results to differ materially from the statements set forth in this press release, including, among other things, certain risk factors described under the heading “Risk Factors” contained in our Annual Report on Form 10-K filed with the SEC on March 31, 2015, or described in our other public filings. Our results may also be affected by factors of which we are not currently aware. The forward-looking statements in this press release speak only as of the date of this press release. EyeGate expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.