Eyenovia, a clinical stage ophthalmic biopharmaceutical company developing a pipeline of microdose array print therapeutics, entered into a new $25 million credit financing facility with Silicon Valley Bank.
“This non-dilutive credit facility provides us with a significant amount of financial and operating flexibility at terms that we believe are favorable to the company,” Dr. Sean Ianchulev, CEO and chief medical officer of Eyenovia, said. “These funds will assist us in preparing for our anticipated Mydcombi launch, advancing the development of MicroLine, as well as exploring additional ophthalmologic indications that could leverage our Optejet microdosing technology, all key elements of our long-term growth strategy.”
Eyenovia received $7.5 million upon closing of the facility. The remaining $17.5 million is available in two tranches and is accessed at the company’s option, subject to the achievement of milestones.
“We are excited to support the Eyenovia team with this new financing facility as they continue to grow,” Clark Hayes, managing director of life sciences and healthcare at Silicon Valley Bank, said. “Eyenovia’s microdose array print platform technology is a key advancement in ocular pharmaceuticals and provides an efficient and precise alternative to conventional eyedroppers.”
