NEW YORK - Eyenovia, Inc. (NASDAQ: NASDAQ:EYEN), an ophthalmic pharmaceutical technology company, has named Andrew Jones as its new Chief Financial Officer, succeeding John Gandolfo who is set to retire. Jones, with over three decades of experience in finance and accounting leadership, most recently held the CFO position at NovaBay Pharmaceuticals, Inc.
Jones is joining Eyenovia at a pivotal time as the company is preparing for the U.S. launch of clobetasol, and advancing its late-stage asset MicroPine, aimed at pediatric progressive myopia. The company is also focusing on the commercial expansion of Mydcombi, one of its two FDA-approved products.
Michael Rowe, CEO of Eyenovia, expressed confidence in Jones's capabilities, highlighting his proven track record in operations and capital raising. Rowe also extended gratitude to Gandolfo for his contributions since 2017 and wished him well for his retirement.
Jones will be awarded an inducement grant of an option to purchase 200,000 shares of the company's common stock, subject to a four-year vesting schedule. This grant complies with Nasdaq Listing Rule 5635(c)(4), as confirmed by the Compensation Committee of Eyenovia's Board of Directors.
Eyenovia's portfolio includes MYDCOMBI® for mydriasis and clobetasol propionate ophthalmic suspension, 0.05% for post-surgical pain and inflammation. The company is also exploring out-licensing opportunities for its Optejet technology for additional ophthalmic indications.
This announcement is based on a press release statement. Eyenovia has not provided any further details about the financial aspects of Jones's appointment or the specific date of Gandolfo's departure, other than noting his stay through November to aid in the transition. The company has not made any statements regarding the impact of this leadership change on its financial position or market strategy.
In other recent news, Eyenovia, Inc. announced an agreement to sell 12,850,000 shares of its common stock, expecting to generate gross proceeds of around $5.14 million. This transaction, facilitated by Dawson James Securities, Inc., aims to fund the commercialization of Mydcombi and clobetasol propionate, and the completion of the CHAPERONE pediatric myopia clinical study. In addition, Eyenovia disclosed plans for another public offering of common stock or pre-funded warrants, the terms of which are yet to be determined.
H.C. Wainwright maintained a Buy rating on Eyenovia's shares, recognizing the potential of the company's Optejet delivery system to significantly drive growth. The company's strategic collaborations aim to develop new treatments for dry eye disease (DED), focusing on different market segments to avoid competitive overlap.
Despite recording a net loss of $11.1 million and an increase in operating expenses, Eyenovia is preparing for the launch of FDA-approved Clobetasol and the Gen 2 Optejet device, expected in early 2025. The company also anticipates meaningful sales growth starting in 2025, aiming for a 3-5% market share with Clobetasol within 12-15 months post-launch. These developments highlight the recent strategic initiatives undertaken by Eyenovia.
InvestingPro Insights
Eyenovia, Inc. (NASDAQ: EYEN) is undergoing significant changes with the appointment of Andrew Jones as the new CFO. As the company navigates this transition and prepares for key product launches, it's important to consider the financial health and market performance of the firm. According to InvestingPro data, Eyenovia's revenue over the last twelve months as of Q2 2024 stands at a modest $0.03 million. The company's gross profit margin during the same period is notably negative at -17609.84%, reflecting challenges in cost management and profitability.
InvestingPro Tips indicate that analysts are optimistic about sales growth in the current year, which could be pivotal for Jones as he steps into his new role. Moreover, three analysts have revised their earnings upwards for the upcoming period, suggesting potential for improved financial outcomes. However, it's also worth noting that Eyenovia's stock price has been quite volatile, with a significant drop of 71.79% over the last year, emphasizing the need for strategic initiatives to stabilize and grow shareholder value.
For investors looking to delve deeper into Eyenovia's financials and market prospects, InvestingPro offers additional insights, including 15 more InvestingPro Tips, which can be accessed for a comprehensive analysis of the company's performance and potential investment opportunities. These insights can be particularly valuable in light of the company's recent leadership changes and forthcoming product launches.
With a fair value analyst target of $7 and the next earnings date set for November 8, 2024, stakeholders will be keenly watching Eyenovia's performance under the financial stewardship of Andrew Jones. As Eyenovia continues to focus on its ophthalmic pharmaceutical technology, the InvestingPro platform remains a critical resource for real-time data and expert analysis.
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