Why Is Eye Disease Focused Eyenovia Stock Trading Higher On Thursday?

Author: Vandana Singh | August 22, 2024 02:20pm

Eyenovia Inc (NASDAQ:EYEN) stock is trading higher on Thursday after its plunge yesterday, with a session volume of 6.7 million, versus an average volume of 1.33 as per data from Benzinga Pro.

On Wednesday, the ophthalmic technology company agreed to sell 12.85 million shares at $0.40 per share.

The aggregate gross proceeds to the company from the offering are expected to be approximately $5.14 million.

The company will use the net proceeds to fund commercialization activities for its products, Mydcombi and clobetasol propionate, to complete the CHAPERONE pediatric myopia clinical study and for working capital and general corporate purposes.

Proceeds may also be used to repay amounts outstanding under the company's loan and security agreement with Avenue Capital Management II, L.P., and related entities.

Mydcombi (tropicamide and phenylephrine hydrochloride ophthalmic spray) 1%/2.5% is indicated for mydriasis, Clobetasol Propionate Ophthalmic Suspension, 0.05% for postsurgical inflammation and pain,

The company is developing the Optejet device for use in connection with its drug-device therapeutic product for pediatric progressive myopia and out-licensing for additional indications.

Price Action: EYEN stock is up 11.8% at $0.52 at last check Thursday.

Photo by Amanda Dalbjörn on Unsplash

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Posted In: EYEN