Ocumension Therapeutics Invests $15.7 Mln In EyePoint Pharma

(RTTNews) - EyePoint Pharmaceuticals Inc. (EYPT) said that Ocumension Therapeutics, a China-based ophthalmic pharmaceutical company, has made a $15.7 million equity investment in EyePoint.

As per the terms of the deal, Ocumension has purchased about 3.01 million shares of EyePoint's common stock at a five-day trailing volume weighted average price as of the close of trading on December 29, 2020 of about $5.22 per share.

Ye Liu, Chief Executive Officer of Ocumension, has been appointed to the EyePoint Board of Directors, replacing Kristine Peterson who has stepped down from the board effective December 31, 2020.

EyePoint estimates cash and cash equivalents to be about $44 million on December 31, 2020, including the net proceeds from the Ocumension equity investment.

EyePoint expects that cash on hand, combined with cash inflows from anticipated product sales and continued cash conservation activities, will fund the company's operating plan into the second half of 2021, assuming no significant increase in COVID-19-related closures.