William Blair initiated research coverage of Eyenovia, Inc. (EYEN $1.15), a commercial-stage ophthalmic technology company focused on developing and marketing new therapies in eye care.
Analyst Tim Lugo estimated that the company would generate total U.S. revenue of $1 million in 2024 for its MydCombi asset, rising to $24 million in 2030, and $1.5 million for its APP13007 asset (pending approval) in 2024, rising to $34.1 million in 2030.
“Eyenovia is an emerging biopharma company focused on developing therapies based on its Optejet device, which leverages a microdose array print technology,” said Lugo. “The Optejet device allows consistent reproducible dosing of ophthalmic drugs. The company recently received approval of MydCombi, which will be marketed to the eye care market for the common eye procedure of pupil dilation, or mydriasis. MydCombi is the first and only FDA-approved fixed-dose combination ophthalmic spray indicated for inducing mydriasis for diagnostic procedures and in conditions where short-term pupil dilation is desired.
“Beyond MydCombi, Eyenovia is developing therapies for the treatment of progressive myopia in children and presbyopia, and recently in-licensed U.S. rights to APP13007, a potent topical steroid for use after ocular surgery currently under FDA review with a PDUFA date of March 4, 2024,” added Lugo. “We see a significant partnering opportunity for Eyenovia with larger eye care players that are looking to develop differentiated therapies for glaucoma, dry eye disease, and post-op therapies following cataract surgery. These large markets together are estimated to address about 40 million patients in the United States.”
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Current Ratings Distribution (as of 11/1/23)
Outperform (Buy): 71%
Market Perform (Hold): 28%
Underperform (Sell): 1%
Inv. Banking Relationships*
Outperform (Buy): 7%
Market Perform (Hold): 2%
Underperform (Sell): 0%
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