Benzinga | Aug 20, 2020 07:03AM EDT

EyePoint Pharmaceuticals Receives $9.5M In Upfront Cash From Ocumension Therapeutics Under Expanded License Agreements

WATERTOWN, Mass., Aug. 20, 2020 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc.(NASDAQ:EYPT), a pharmaceutical company committed to developing and commercializing innovative ophthalmic products, and Ocumension Therapeutics, a China-based ophthalmic pharmaceutical platform company, today announced the expansion of their exclusive license agreements for the development and commercialization of YUTIQ(r) and DEXYCU(r) in certain Asian markets. Under the expanded agreements, Ocumension has made a one-time $9.5 million payment to EyePoint for rights to commercialize both products under their own brand names in South Korea and other jurisdictions across Southeast Asia and as the full and final prepayment of all remaining development, regulatory, and commercial sale milestone payments under the original license agreements.



"Ocumension is an important partner that shares our beliefs in the therapeutic potential of YUTIQ and DEXYCU for ocular diseases that represent growing and significant areas of unmet medical need," said George Elston, Chief Financial Officer and Head of Corporate Development of EyePoint Pharmaceuticals. "We are delighted to expand our partnership with Ocumension to include the broader Asian marketplace. The payment from the expanded license agreements will support our operations and the ongoing clinical development of our pipeline, including our lead candidate, EYP-1901, a potential six-month sustained delivery therapy for wet age-related macular degeneration."

"EyePoint's YUTIQ and DEXYCU are important programs in our portfolio of ocular disease treatments that have the potential to replace current standards of care that lack long-term activity, especially given the impact of COVID-19 on patient desire to visit the doctor," said Ye Liu, Chief Executive Officer of Ocumension. "We look forward to continuing our development efforts for both products in order to bring these innovative treatment options to patients in need across Asia."