Eyenovia Provides Update on Restructuring Efforts
Eyenovia (NASDAQ: EYEN) has secured an agreement with Avenue Capital Management to defer principal and interest payments on its outstanding debt until February 2025. The ophthalmic technology company is implementing additional restructuring measures, including a reduction in personnel-related costs by over 70%. The company is exploring various strategic alternatives, which may include a business combination, reverse merger, or asset sales, to maximize stakeholder value.
Eyenovia (NASDAQ: EYEN) ha raggiunto un accordo con Avenue Capital Management per rinviare i pagamenti di capitale e interessi sul suo debito in essere fino a febbraio 2025. L'azienda di tecnologia oftalmica sta attuando ulteriori misure di ristrutturazione, inclusa una riduzione dei costi legati al personale di oltre il 70%. L'azienda sta esplorando diverse alternative strategiche, che possono includere una combinazione aziendale, una fusione inversa o vendite di asset, per massimizzare il valore per gli azionisti.
Eyenovia (NASDAQ: EYEN) ha logrado un acuerdo con Avenue Capital Management para diferir los pagos de capital e intereses de su deuda pendiente hasta febrero de 2025. La empresa de tecnología oftálmica está implementando medidas adicionales de reestructuración, incluida una reducción de los costos relacionados con el personal de más del 70%. La compañía está explorando diversas alternativas estratégicas, que pueden incluir una combinación de negocios, una fusión inversa o ventas de activos, para maximizar el valor para los interesados.
Eyenovia (NASDAQ: EYEN)는 Avenue Capital Management와 함께 2025년 2월까지 미지급 부채의 원금과 이자 지불을 연기하기로 합의했습니다. 이 안과 기술 회사는 인력 관련 비용을 70% 이상 줄이는 등의 추가 구조 조정 조치를 시행하고 있습니다. 회사는 이해관계자 가치를 극대화하기 위해 사업 결합, 역합병 또는 자산 매각 등을 포함한 다양한 전략적 대안을 탐색하고 있습니다.
Eyenovia (NASDAQ: EYEN) a conclu un accord avec Avenue Capital Management pour reporter les paiements de capital et d'intérêts sur sa dette en cours jusqu'en février 2025. L'entreprise de technologie ophtalmique met en œuvre des mesures de restructuration supplémentaires, y compris une réduction des coûts liés au personnel de plus de 70 %. L'entreprise explore diverses alternatives stratégiques, qui peuvent inclure une combinaison d'entreprises, une fusion inversée ou des ventes d'actifs, afin de maximiser la valeur pour les parties prenantes.
Eyenovia (NASDAQ: EYEN) hat eine Vereinbarung mit Avenue Capital Management getroffen, um die Rückzahlungen von Kapital und Zinsen auf die ausstehenden Schulden bis Februar 2025 zu verschieben. Das Augenheilkunde-Technologieunternehmen implementiert zusätzliche Restrukturierungsmaßnahmen, darunter eine Reduzierung der Personal- und Betriebskosten um über 70%. Das Unternehmen prüft verschiedene strategische Alternativen, die eine Unternehmenszusammenlegung, eine Umkehrfusion oder den Verkauf von Vermögenswerten umfassen können, um den Wert für die Stakeholder zu maximieren.
- Secured debt payment deferral until February 2025
- 70% reduction in personnel-related costs to improve financial efficiency
- Company requires significant restructuring due to financial challenges
- Potential asset sales or business combination indicates financial distress
- Ongoing debt obligations despite payment deferral
Insights
This debt restructuring agreement with Avenue Capital represents a important lifeline for Eyenovia, but also signals severe financial distress. The deferral of principal and interest payments until February 2025 provides temporary relief, but raises concerns about the company's ability to meet its financial obligations. The announced
The exploration of strategic alternatives, including potential business combinations or asset sales, suggests the company is actively seeking survival options. With a market cap of only
Avenue Capital agrees to Company’s deferral of principal and interest payments on its outstanding debt until the end of February 2025
Eyenovia continues to evaluate a broad range of strategic alternatives to maximize stakeholder value
NEW YORK, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (NASDAQ: EYEN), an ophthalmic technology company, today provided an update on its ongoing restructuring efforts. The Company announced today that Avenue Capital Management L.P. has agreed to support a potential restructuring of Eyenovia’s Loan and Security Agreement and has agreed to defer principal and interest payments on its outstanding debt until the end of February 2025. Eyenovia also announced today that it is taking additional actions that are intended to reduce the Company’s ongoing personnel-related costs by over
“We are grateful to Avenue Capital for the support they have demonstrated during this challenging time,” stated Michael Rowe, Chief Executive Officer of Eyenovia. “We took immediate steps to restructure our costs and extend our runway to allow us the flexibility to explore a broad range of strategic alternatives.”
As previously disclosed, Eyenovia is considering a variety of steps to maximize value to all stakeholders, to reduce expenses and to evaluate its strategic options, which may include a business combination, reverse merger, asset sales or a combination of those alternatives. Further information will be made available once the evaluation of strategic options has been completed.
About Eyenovia, Inc.
Eyenovia, Inc. (NASDAQ: EYEN) is an ophthalmic technology company developing and commercializing products leveraging its proprietary Optejet topical ophthalmic medication dispensing platform. The Optejet is targeted at chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance. The company’s current commercial portfolio includes clobetasol propionate ophthalmic suspension,
Forward-Looking Statements
Except for historical information, all 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 the evaluation of the company’s strategic alternatives, regulatory submissions, estimated market opportunities for our product candidates and platform technology, the impact of the Gen-2 Optejet device, and the timing for availability and sales growth of our approved products. 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 in some cases 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 U.S. Securities and Exchange Commission.
In addition, such statements could be affected by risks and uncertainties related to, among other things: the availability of sufficient financial resources to make payments on our debt obligations to Avenue Capital and to continue and complete the evaluation of our strategic alternatives, as well as the clinical development and commercialization of our products, as to which no assurance can be given; risks of our clinical trials, including, but not limited to, the costs, design, initiation and enrollment, timing, progress and results of such trials; the timing of, and our ability to submit applications for, obtaining and maintaining regulatory approvals for our products and product candidates; the potential advantages of our products, product candidates and platform technology; the rate and degree of market acceptance and clinical utility of our products and product candidates; our estimates regarding the potential market opportunity for our products and product candidates; reliance on third parties to develop and commercialize our products and product candidates; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products and product candidates; intellectual property risks; changes in legal, regulatory, legislative and geopolitical 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 product candidates; 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, Eyenovia does not undertake any obligation to update any forward-looking statements.
| Eyenovia Contact: Eyenovia, Inc. Andy Jones Chief Financial Officer ajones@eyenovia.com | Eyenovia Investor Contact: Eric Ribner LifeSci Advisors, LLC eric@lifesciadvisors.com (646) 751-4363 |
FAQ
What restructuring measures has Eyenovia (EYEN) announced in November 2024?
How much is Eyenovia (EYEN) reducing its personnel costs in the restructuring?
What agreement did Eyenovia (EYEN) reach with Avenue Capital Management?
