TAIPEI, Aug. 7, 2024
/PRNewswire/ -- Taiwan-based
Formosa Pharmaceuticals ("Formosa", 6838.TWO) announced today that
the company has signed a non-binding terms agreement with Eyenovia,
Inc. ("Eyenovia", NASDAQ: EYEN), whereby the companies will
co-develop Clobetasol Propionate Ophthalmic Suspension 0.05%
("clobetasol propionate") for the short-term relief of dry eye
disease.
Both companies will conduct due diligence and work toward a
definitive agreement that will include the sharing of development
costs and the division of profit upon commercialization. This
agreement will effectively expand Eyenovia and Formosa's
existing collaboration agreement signed in February 2023 which included the testing of
clobetasol propionate in the Optejet® and a consultation
meeting with the FDA to discuss the dry eye indications.
Clobetasol propionate is a potent steroid that was approved in
the U.S. by the FDA on March 4, 2024,
for the reduction of inflammation and pain associated with the
estimated seven million ocular surgeries in the U.S. The additional acute dry eye
indication could expand the use of clobetasol among the
millions of people who experience flare-ups. According to American
Academy of Ophthalmology, about 80% of patients suffering from dry
eye experience flare-ups. IQVIA estimates that approximately 2
million people are treated with prescription medications for dry
eye in the US.
Clobetasol Propionate Ophthalmic Nanosuspension, 0.05% is the
first product developed using Formosa's proprietary
APNT® nanoparticle formulation platform. Formosa's
APNT® platform reduces an active pharmaceutical
ingredient's particle size with high uniformity and purity, thereby
allowing penetration to relevant compartments in the eye, and
ultimately enhancing bioavailability.
Erick Co, President and CEO of Formosa Pharma, said, "Formosa
Pharma is eager to take the next step in the evolution of our
partnership with Eyenovia. We have already proven our respective
technologies to be compatible and realizing APNT®
formulations in advanced delivery devices such as
Optejet® is a tremendous opportunity for both
companies."
"Clobetasol propionate ophthalmic suspensions has a unique
profile that lends itself to exploring its use in dry eye," said
Michael Rowe, CEO of Eyenovia. "The
drug's efficacy in pain and inflammation relief as well as its low
incidence of adverse events could one day be a boon to the millions
of dry eye patients who suffer from periodic flare-ups of the
disease. The Eyenovia team looks forward to working with our
partners at Formosa to move this project forward and ultimately
into our Optejet® dispenser technology."
About Formosa Pharmaceuticals, Inc.
Formosa Pharmaceuticals, Inc. (6838.TWO) is a clinical stage
biotechnology company with primary focus in the areas of
ophthalmology and oncology. The company's
proprietary nanoparticle formulation technology
(APNT®), through which APP13007 was developed, improves
the dissolution and bioavailability of APIs for topical, oral, and
inhaler administration. Resulting formulations have high
uniformity, purity, and stability, thereby allowing the utilization
of poorly soluble or extremely potent drug agents which otherwise
may face insurmountable challenges in delivery and penetration to
target tissues. For more details about Formosa Pharma and
APNT®, visit www.formosapharma.com.
About Eyenovia, Inc.
Eyenovia, Inc. (NASDAQ: EYEN) is an ophthalmic technology
company commercializing Mydcombi™ (tropicamide and phenylephrine
hydrochloride ophthalmic spray) 1%/2.5% for mydriasis, clobetasol
propionate ophthalmic suspension, 0.05% for postsurgical
inflammation and pain, and developing the Optejet®
device for use both in connection with its own drug-device
therapeutic product for pediatric progressive myopia as well as
out-licensing for additional indications. For more information,
visit Eyenovia.com.
The Eyenovia Corporate Information slide deck may be found at
ir.eyenovia.com/events-and-presentations.
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SOURCE Formosa Pharmaceuticals Inc.,