Benzinga | Dec 18, 2020 07:01AM EST

EyePoint Pharmaceuticals Announces $16.5M Royalty Monetization Agreement For ILUVIEN Royalty With SWK Holdings Corporation

WATERTOWN, Mass., Dec. 18, 2020 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT), a pharmaceutical company committed to developing and commercializing innovative therapeutics to help improve the lives of patients with serious eye disorders, today announced a royalty monetization agreement with SWK Holdings Corporation (SWK) for royalties payable to EyePoint under its license agreement with Alimera Sciences, Inc. (Alimera) for ILUVIEN(r). EyePoint has received a one-time $16.5 million payment from SWK and, in return, SWK is entitled to receive future royalties payable to EyePoint from the Alimera agreement.



EyePoint has applied $15 million of net proceeds from the transaction against existing long-term debt obligations with CRG Servicing LLC (CRG). The remaining $1.5 million will be used to advance product pipeline programs. The transaction will also result in a reduction of annual interest payments of approximately $1.7 million.