EyePoint Pharmaceuticals announced that the company has received proceeds of $28.9 million from the exercise of warrants by EW Healthcare Partners, Rosalind Advisors, and another accredited investor (Second Tranche Investors).
“We are pleased to receive the continued support of EW Healthcare Partners, Rosalind Advisors and our other investors, for our innovative pipeline of ocular disease products,” Nancy Lurker, President and Chief Executive Officer of EyePoint Pharmaceuticals, said in a company news release. “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.”
Under the terms of the second tranche securities purchase agreement that was approved by stockholders on June 22, 2018, second tranche investors received warrants to purchase an additional 20,184,224 shares of the company’s common stock. On September 5, 2018, the Centers for Medicare and Medicaid Services (CMS) approved the reimbursement code for Dexycu, C9034, which triggered the exercise deadline for these warrants. In conjunction with gross proceeds of approximately $9.5 million from the March 2018 equity financing, the approval of the second tranche of capital financing in June 2018 and the recent warrant exercise, EyePoint has received total gross proceeds of $63.9 million from the first and second tranche investors.