EYEN Shares Are Trading Higher Today: What You Need To Know
Author: Vaishali Prayag | September 09, 2024 04:11pm
Eyenovia Inc (NASDAQ:EYEN) shares are surging Monday in response to the company’s announcement of the launch of a new FDA-approved ophthalmic drug in collaboration with Formosa Pharmaceuticals.
Key Developments:
Eyenovia and Formosa Pharma have launched APP13007 (Clobetasol Propionate Ophthalmic Suspension, 0.05%), the first FDA-approved ophthalmic drug using clobetasol propionate, a super-potent corticosteroid. The drug is designed for treating postoperative inflammation and pain following eye surgery.
The ophthalmic steroid market in the U.S. is valued at approximately $1.3 billion, and nearly seven million ophthalmic surgeries are performed annually. Eyenovia’s new product stands out due to its twice-daily dosing regimen, compared to up to four doses per day for other treatments, making it a cost-effective and more convenient option.
Formosa Pharmaceuticals made its first shipment of the drug to the U.S. for commercialization, with Eyenovia expected to begin full-scale commercialization later in September 2024. This drug was developed using Formosa's proprietary APNT nanotechnology platform.
The company has initiated pre-launch activities for the product, signaling momentum toward capturing market share in the growing ophthalmic sector.
What Else: This news is also trending across financial platforms and social media as investors speculate the product's market entry could significantly boost Eyenovia's revenues and market presence in the ophthalmic space.
EYEN Price Action: Eyenovia's stock has spiked by 14.94%, reaching 0.57 cents at market close Monday, according to Benzinga pro.
