Eyenovia, Inc. Announces Closing of Approximately $6.0 Million Private Placement
March 24 2020 - 5:10PM
Eyenovia, Inc. (NASDAQ:EYEN) a clinical stage ophthalmic
biopharmaceutical company developing a pipeline of microdose
therapeutics utilizing its patented piezo-print technology,
announced that today it closed its previously announced
private placement of units which resulted in gross proceeds of
$5,984,931 before deducting the placement agent's fees and
estimated offering expenses.
Each unit consists of (i) one share of common
stock, par value $0.0001 per share, (ii) a one-year warrant to
purchase 0.5 of a share of common stock, and (iii) a five-year
warrant to purchase 0.75 of a share of common stock. The units were
priced to the public at $2.21425 per unit.
The proceeds of the offering are expected to be
used, together with other available funds, for the MicroLine and
MicroPine clinical studies, to advance MicroStat’s new drug
application, and for working capital and general corporate
purposes.
National Securities Corporation, a wholly owned
subsidiary of National Holdings Corporation (NASDAQ:NHLD), acted as
the sole Placement Agent.
The securities offered and sold by Eyenovia in
the private placement were not registered under the Securities Act
of 1933 or state securities laws and may not be offered or sold in
the United States absent registration with the U.S. Securities and
Exchange Commission, or the SEC, or an applicable exemption from
such registration requirements. Eyenovia has agreed to file a
registration statement with the SEC covering the resale of the
shares of common stock, including shares of common stock issuable
upon exercise of the warrants, to be issued in the private
placement. Any resale of Eyenovia’s securities under such resale
registration statement will be made only by means of a
prospectus.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy these securities nor
will there be any offer or sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
About Eyenovia
Eyenovia is a clinical stage ophthalmic
biopharmaceutical company developing a pipeline of microdose
therapeutics utilizing its patented piezo-print delivery
technology. Eyenovia’s pipeline is currently focused on the
late-stage development of microdosed medications for presbyopia,
myopia progression and mydriasis. For more information please
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
in the United States for our product candidates. 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 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 SEC. In addition, such statements could be affected by
risks and uncertainties related to, among other things; the
anticipated use of proceeds from the private placement; our need to
raise additional money to fund our operations for at least the next
12 months as a going concern; fluctuations in our financial results
and stock price, particularly given market conditions and the
potential economic impact of COVID-19; the potential impacts of the
coronavirus on our supply chain; risks of our clinical trials,
including, but not limited to, the costs, design, initiation and
enrollment (which could be adversely impacted by the coronavirus
pandemic and resulting social distancing), timing, progress and
results of such trials; the timing and our ability to submit
applications for, and obtain and maintain regulatory approvals for,
our product candidates; the potential success of our reprioritized
pipeline; any cost savings related to our reprioritized pipeline;
our estimates regarding the potential market opportunity for our
product candidates; the potential advantages of our product
candidates; the rate and degree of market acceptance and clinical
ability of our product candidates; our ability to timely develop
and implement anticipated manufacturing, commercialization and
marketing capabilities and strategies for existing product
candidates; our ability to attract and retain key personnel;
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, we do not undertake any obligation to update any
forward-looking statements.
Company Contact: Eyenovia, Inc.
John Gandolfo Chief Financial Officerjgandolfo@eyenovia.com
Investor Contact: The Ruth
Group Tram Bui / Alexander Lobo Phone: 646-536-7035/7037
tbui@theruthgroup.com / alobo@theruthgroup.com
Media Contact: The Ruth Group
Kirsten Thomas Phone: 508-280-6592 kthomas@theruthgroup.com
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