- HC Wainwright Matthew Caufield initiated coverage on Eyenovia Inc EYEN, focused on developing ophthalmic therapeutics based on the company’s microdose array print (MAP) platform and the Optejet spray device for optimizing topical corneal drug delivery.
- The analyst initiated coverage with a Buy rating and a $12 price target.
- The analyst notes that Optejet spray provides high precision micro-dosing and has been characterized to have greater than an 85% success rate for ocular topical delivery compared to the 40-50% for traditional eyedroppers, along with instantaneous corneal surface coating that surpasses the ocular blink reflex.
- Furthermore, Optejet’s volumetric control delivers approximately 8uL, comparable to the noted physiologic capacity of the tear film. In contrast, standard eye drops deliver upwards of 30-50uL, coinciding with prospective overdosing.
- HC Wainwright notes that the ophthalmic spray pipeline comprises:
- MicroLine pilocarpine for presbyopia, or age-related farsightedness, commonly treated with reading glasses.
- MydCombi fixed combination tropicamide 1% and phenylephrine 2.5% for pharmacologic mydriasis or induced eye dilation for comprehensive eye exams and cataract surgery.
- MicroPine atropine for the reduction of pediatric myopia progression, or nearsightedness, in children ages 3 to 12 years old.
- Price Action: EYEN shares are up 11.63% at $2.40 on the last check Wednesday.
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