Latest news with #MichaelRowe
Globe and Mail
18-06-2025
- Business
- Globe and Mail
Eyenovia Announces Appointment of a Strategic Advisor for Digital Asset Treasury Strategy and Amendment of Debt Agreement with Avenue Capital Group
LAGUNA HILLS, Calif., June 18, 2025 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (NASDAQ: EYEN) ('Eyenovia' or the 'Company'), a pioneer in ophthalmic technologies and the first publicly-listed U.S. company to build a strategic treasury of HYPE, the native token of the Hyperliquid protocol, today announced several key developments in support of its digital asset capital strategy. Avenue Capital Group, now the Company's largest common stockholder, has agreed to amend Eyenovia's senior secured debt to further support the Company as it builds its HYPE treasury and reserve of the HYPE token. Pursuant to the terms of the amendment, the maturity date of the debt has been extended from November 1, 2025 to July 1, 2028 and its interest rate reduced from 12% to 8%. One half of the interest will be paid monthly in cash with the other half accrued and paid upon maturity. The Company will make interest-only payments during the initial 18 months of the extended term with equal principal and interest payments for the remaining 18 months. Michael Rowe, Chief Executive Officer of Eyenovia, stated, 'We are very grateful to Avenue Capital Group for their significant commitment and support of our innovative treasury strategy. We are pleased that they are positioned as a long-term partner, and we look forward to generating the sustained value creation that we anticipate from this initiative as well as the continued development and potential commercialization of our novel Optejet dispensing platform for the benefit of all shareholders.' Strategic Advisor Appointed for HYPE Treasury Strategy To support the Company's growing presence in the digital asset space, Eyenovia is also pleased to announce the appointment of Max Fiege as Strategic Advisor to support the HYPE Treasury strategy. He will support stakeholder education, ecosystem advocacy, treasury architecture, and risk oversight. Mr. Fiege currently serves as Principal at Merenti Capital GmbH, deploying proprietary capital across liquid and early-stage digital asset opportunities. With a background in blockchain growth and a track record of investing in innovative crypto projects, Mr. Fiege is well recognized for his expertise in navigating and shaping the digital finance landscape. 'It is a privilege to advise Eyenovia on the productive deployment of its HYPE treasury and I look forward to delegating Merenti Capital's own HYPE balance sheet to the Company's validator. Together, we will push the HYPE ecosystem forward,' said Mr. Fiege, Principal at Merenti Capital. 'Arguably no blockchain network has matched Hyperliquid's achievement: friction-free, transparent trading secured entirely on-chain. It is rare that a native token's incentives truly track the network's success. I believe HYPE is the best positioned digital asset for the future and that Eyenovia will effectively capture that value for shareholders.' About the HYPE Token HYPE is the native token of the Hyperliquid layer one blockchain (L1). HYPE is staked by, or delegated to, validators participating in the network's custom consensus algorithm, HyperBFT, which is optimized for order book logic and allows users to trade spot and futures markets in a non-custodial, on-chain fashion. Staked HYPE unlocks further utility in the form of trading fee discounts, with referral bonuses and builder-deployed markets (HIP-3) to be introduced in the future. Circulating HYPE is autonomously bought back and sequestered with trading fees accrued on the network's enshrined markets. As of June 2025, HYPE has become the 12th-largest cryptocurrency by market capitalization. About Eyenovia, Inc. Eyenovia, Inc. is a pioneering digital ophthalmic technology company and the first U.S. publicly listed company building a long-term strategic treasury of Hyperliquid's native token, HYPE. With this dual focus, Eyenovia continues to revolutionize topical eye treatment while providing its shareholders with simplified access to the Hyperliquid ecosystem, one of the fastest growing, highest revenue-generating blockchains in the world. Shareholders benefit from a gradually compounding exposure to HYPE, both from its native staking yield and additional revenues generated from its unique on-chain utility. Eyenovia is also developing its proprietary Optejet User Filled Device (UFD) that is designed to work with a variety of topical ophthalmic liquids, including artificial tears and lens rewetting products, spanning multiple billion-dollar markets. The Optejet is especially useful in chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance versus standard eye drops. Together, these benefits may result in higher treatment compliance and better outcomes for patients and providers. For more information, please visit Forward Looking Statements Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements, our future activities or other future events or conditions, including the estimated market opportunities for our platform technology, the viability of, and risks associated with, our new cryptocurrency treasury strategy, the clinical trials that may be necessary in connection with the clearance of the Optejet UFD, the timing for sales growth of our approved products. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to, among other things: risks of our clinical trials, including, but not limited to, the potential advantages of our products, and platform technology; the rate and degree of market acceptance and clinical utility of our products; our estimates regarding the potential market opportunity for our products; reliance on third parties to develop and commercialize our products; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products; intellectual property risks; changes in legal, regulatory, legislative and geopolitical environments in the markets in which we operate and the impact of these changes on our ability to obtain regulatory approval for our products and product candidates; our competitive position; and our ability to raise additional funds to maintain our business operations and to make payments on our debt obligations as and when necessary. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Eyenovia does not undertake any obligation to update any forward-looking statements.
Yahoo
19-05-2025
- Business
- Yahoo
Eyenovia Provides Updates on Potential Merger with Betaliq and Development of the Optejet User Filled Device (UFD), and Reports First Quarter 2025 Financial Results
Eyenovia and Betaliq continue to negotiate a binding merger agreement consistent with the previously announced signed Letter of Intent Reports continued progress on the development of the user-filled Optejet, and remains on track to file for U.S. device regulatory approval in September 2025 Reduced ongoing cash burn by approximately 70% versus prior year and improved debt repayment terms LAGUNA HILLS, Calif., May 19, 2025 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (NASDAQ: EYEN), an ophthalmic technology company developing the proprietary Optejet® topical ophthalmic medication dispensing platform, today provided updates on its potential merger with Betaliq and the ongoing development of its novel Optejet user filled device (UFD), and reported financial results for the first quarter ended March 31, 2025. Potential Merger with Betaliq Negotiations continue towards a binding merger agreement with Betaliq, a clinical-stage private pharmaceutical company focused on glaucoma with access to Eyesol®, a non-aqueous technology that may address many of the needs of these patients. We have agreed to extend the binding exclusivity period set forth in the Letter of Intent until June 7, 2025, to allow more time to complete and execute the anticipated merger agreement. Development of the Optejet UFD Progress in the development of the Optejet user-filled device (UFD) continues and remains on track to file for U.S. regulatory approval in September of this year. An approval would provide for potential multiple commercial opportunities either directly with consumers or through eye care practitioner offices as well as potential and existing license partners, including Arctic Vision in China and Korea. First Quarter 2025 Financials A broad restructuring of the company was implemented, reducing overall cash burn by approximately 70% versus one year ago and entering into a debt restructuring agreement earlier this year which defers certain repayment obligations until October 2025. Michael Rowe, Chief Executive Officer, commented, 'We remain focused on seeking to maximize shareholder value by working to complete a definitive merger agreement with Betaliq that, if and when completed, will create a new eyecare company with immediate revenue through the sale of our existing FDA-approved products and significant pipeline opportunities that we believe leverage complementary FDA-approved technologies, including our Optejet® platform.' 'At the same time, our engineering team continues to advance the development of our user-filled Optejet, which, if approved, would have the potential to address many of the shortcomings of traditional eyedrops, most notably ease of use and reduced waste. We look forward to submitting an application for device regulatory approval in September of this year and introducing this novel device that can deliver an enhanced experience across a broad range of uses.' 'In addition to these strategic initiatives, we took important measures over the past several months to reduce expenses, strengthen our balance sheet, and extend our cash runway. Perhaps the most notable of these is our entry into a debt restructuring agreement with Avenue Capital, which continues to be very supportive as we work toward finalizing a merger agreement with Betaliq. We look forward to the completion of this potential merger and believe we have set the stage for multiple value inflection points this year,' Mr. Rowe concluded. First Quarter 2025 Financial Review For the first quarter of 2025, net loss was $3.5 million, or $1.59 per share. This compares to a net loss of $10.9 million, or $18.75 per share, for the first quarter of 2024. Research and development expenses totaled $0.7 million for the first quarter of 2025, compared to $4.4 million for the first quarter of 2024, a decrease of 85%. For the first quarter of 2025, general and administrative expenses were $2.4 million, compared to $3.6 million for the first quarter of 2024, a decrease of 35%. Total operating expenses for the first quarter of 2025 were $3.0 million, compared to $10.1 million for the first quarter of 2024. This represents a decrease of 70%. As of March 31, 2025, the Company's unrestricted cash and cash equivalents were $3.9 million, as compared to $2.1 million in unrestricted and restricted cash as of December 31, 2024. About Eyenovia, Inc. Eyenovia, Inc. is an ophthalmic technology company developing and commercializing advanced products leveraging its proprietary Optejet topical ophthalmic medication dispensing platform. The Optejet is especially useful in chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance versus standard eye drops. Together, these benefits may combine to produce better treatment options and outcomes for patients and providers. The Company's current commercial portfolio includes clobetasol propionate ophthalmic suspension, 0.05%, for post-surgical pain and inflammation, and Mydcombi® for mydriasis. For more information, please visit Forward Looking Statements Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to the potential transaction with Betaliq, our future activities or other future events or conditions, including those relating to the completion of due diligence on and a definitive transaction agreement with Betaliq, the estimated market opportunities for our platform technology, the timing for sales growth of our approved products, and the outcome of the process to explore strategic alternatives to maximize shareholder value. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to, among other things: the risk that the proposed transaction with Betaliq does not proceed; risks of our clinical trials, including, but not limited to, the potential advantages of our products, and platform technology; the rate and degree of market acceptance and clinical utility of our products; our estimates regarding the potential market opportunity for our products; reliance on third parties to develop and commercialize our products; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products; intellectual property risks; changes in legal, regulatory, legislative and geopolitical environments in the markets in which we operate and the impact of these changes on our ability to obtain regulatory approval for our products and product candidates; our competitive position; and our ability to raise additional funds and to make payments on our debt obligations as and when necessary. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Eyenovia does not undertake any obligation to update any forward-looking statements. Eyenovia Contact:Eyenovia, Lowenlowe@ Eyenovia Investor Contact:Eric RibnerLifeSci Advisors, LLCeric@ 751-4363EYENOVIA, INC. Condensed Balance Sheets March 31, December 31, 2025 2024 (unaudited) Assets Current Assets Cash and cash equivalents $ 3,934,966 $ 2,121,463 License fee and expense reimbursements receivable 25,787 24,827 Security deposits, current 14,968 14,968 Prepaid expenses and other current assets 1,183,262 605,941 Total Current Assets 5,158,983 2,767,199 Security deposits, non-current 182,200 182,200 Operating lease right-of-use asset 642,770 718,360 Total Assets $ 5,983,953 $ 3,667,759 Liabilities and Stockholders' Deficiency Current Liabilities: Accounts payable $ 1,199,961 $ 2,199,768 Accrued compensation 109,934 144,161 Accrued expenses and other current liabilities 3,241,554 3,178,513 Operating lease liabilities - current portion 542,561 575,163 Notes payable - current portion, net of debt discount of $56,954 and $527,870 as of March 31, 2025 and December 31, 2024, respectively 729,999 5,212,532 Convertible notes payable - current portion, net of debt discount of $723,725 and $263,930 as of March 31, 2025 and December 31, 2024, respectively 9,276,275 4,736,070 Total Current Liabilities 15,100,284 16,046,207 Operating lease liabilities - non-current portion 597,670 717,504 Total Liabilities 15,697,954 16,763,711 Stockholders' Deficiency: Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024 Common stock, $0.0001 par value, 300,000,000 shares authorized; 2,830,546 and 1,506,369 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 283 151 Additional paid-in capital 189,079,241 182,213,889 Accumulated deficit (198,793,525 ) (195,309,992 ) Total Stockholders' Deficiency (9,714,001 ) (13,095,952 ) Total Liabilities and Stockholders' Deficiency $ 5,983,953 $ 3,667,759 EYENOVIA, INC. Condensed Statements of Operations (unaudited) For the Three Months Ended March 31, 2025 2024 Operating Income Revenue $ 14,720 $ 4,993 Cost of revenue (48 ) (203,027 ) Gross Profit 14,672 (198,034 ) Operating Expenses: Research and development 673,043 4,431,601 Selling, general and administrative 2,372,322 3,637,189 Reacquisition of license rights - 2,000,000 Total Operating Expenses 3,045,365 10,068,790 Loss From Operations (3,030,693 ) (10,266,824 ) Other Income (Expense): Other (expense) income, net 3,687 (97,558 ) Gain on debt extinguishment 89,623 - Interest expense (581,499 ) (678,658 ) Interest income 35,349 120,939 Total Other Expense (452,840 ) (655,277 ) Net Loss $ (3,483,533 ) $ (10,922,101 ) Net Loss Per Share - Basic and Diluted $ (1.59 ) $ (18.75 ) Shares Outstanding - Basic and Diluted 2,188,938 582,584 Sign in to access your portfolio
Yahoo
20-03-2025
- Business
- Yahoo
Eyenovia Shares Drop 14% Amid Betaliq Merger Talks
Eyenovia (EYEN, Financials) shares fell 14% to $1.44 as of 12:44 p.m. GMT-4 on Thursday after the company announced a non-binding letter of intent to merge with Betaliq, a clinical-stage pharmaceutical company specializing in glaucoma treatments. Warning! GuruFocus has detected 6 Warning Signs with EYEN. Combining Eyenovia's Optejet dispensing system with Betaliq's EyeSol medication delivery mechanism, the purchase would create a new publicly traded ophthalmology zero net cash upon closure, the acquisition values Betaliq at around $77 million and Eyenovia at almost $15 million. While Eyenovia owners would retain 16.3% on a fully diluted basis, Betaliq equity holders would control about 83.7% of the merged firms stated the acquisition is still under due consideration, board approvals, formal agreements, and financial contingency. About the timetable or completion of the merger, no guarantee was Betaliq's EyeSol technology seeks to increase bioavailability in glaucoma therapies, Eyenovia's Optejet platform is meant to improve ocular medication delivery. EyeSol has been licensed for use in FDA-approved eye care products, including MEIBOTM and VEVEYTM, the firms pointed said it would keep promoting its FDA-approved portfolio while looking for other in-licensing prospects to boost income. The business also is on schedule to submit for fourth quarter U.S. regulatory clearance of a user-filled Optejet the transaction is finalized, Eyenovia CEO Michael Rowe said the two technologies will be combined to enhance eye drug delivery. Barry Butler, CEO of Betaliq, said the mix offers a chance to increase glaucoma and other eye problem therapy Raymond James is representing Betaliq, Chardan is counseling Eyenovia on the offer. Eyenovia stated it does not intend to provide any updates unless a clear agreement is obtained or legal disclosure is mandated. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
05-03-2025
- Business
- Yahoo
Home Depot (NYSE:HD) Promotes Key Leaders Including New EVP Of Pro And HR As CEO Of Canadian Division
Last week saw important leadership changes at Home Depot, reflecting the company's emphasis on developing strategic growth with professional customers and enhancing internal culture. In a competitive market scenario where major stock indexes, including the S&P 500 and Nasdaq, faced volatility amid tariff discussions and mixed economic data, Home Depot's share price experienced a 3% decline. The appointment of Michael Rowe as Executive Vice President of Pro and Stephanie Smith's promotion to EVP of Human Resources signal a focused investment in talent development and strategic customer engagement. Meanwhile, the broader market experienced an overall drop of 3%, largely driven by economic concerns and tariff impacts on global businesses. Despite the challenging external environment influencing investor sentiment, Home Depot's leadership adjustments signal an intention to further strengthen its operational foundation, though they did not prevent the downturn in share price over the observed period. Click here and access our complete analysis report to understand the dynamics of Home Depot. The past five years have seen Home Depot achieve a total shareholder return of 90.76%, a notable performance that underscores its resilience and growth. Despite facing challenges in recent times, such as a slight decline in net income reported in its latest full-year earnings ending February 2025, the company's strategic initiatives have helped sustain its long-term growth. The launch of new partnerships with DoorDash and Uber Eats earlier this year, aimed at expanding same-day delivery services, illustrates Home Depot's adaptability in meeting consumer demands. Furthermore, ongoing financial maneuvers, including the completion of a significant share buyback program valued at US$3.6 billion in late 2024, have played an integral role in enhancing shareholder value. While Home Depot's one-year return has fallen short of the US Specialty Retail industry and broader market averages, its continued payment of a healthy dividend and strategic business expansions have provided a foundation for its solid five-year total return performance. Unlock the insights behind Home Depot's valuation and discover its true investment potential Assess the downside scenarios for Home Depot with our risk evaluation. Hold shares in Home Depot? Setup your portfolio in Simply Wall St to seamlessly track your investments and receive personalized updates on your portfolio's performance. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NYSE:HD. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
Associated Press
05-02-2025
- Business
- Associated Press
Eyenovia Announces Progress on Next-Generation User-Filled Optejet Dispensing Device
NEW YORK, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Eyenovia, Inc. (NASDAQ: EYEN) ('Eyenovia' or the 'Company'), an ophthalmic technology company focused on completing development of its proprietary Optejet® device, today announces recent progress on the development of its user-filled spray dispenser. 'Millions of consumers have difficulty with traditional eye drops, including difficulty with inaccurate administration, discomfort from head tilting, messing up make-up and waste and potential side effects associated with excess drops, all of which could be addressed with the Optejet,' stated Michael Rowe, Chief Executive Officer of Eyenovia. 'To that end, we continue to advance development of our novel, user-filled Optejet dispenser and look forward to filing for U.S. regulatory approval for this device in the fourth quarter of this year. We believe the user-filled Optejet can address multi-billion-dollar ophthalmic markets while offering an enhanced user experience.' Some of the features incorporated into the user-filled Optejet include: User-Filled Cartridge The new design includes a sterile disposable cartridge that users can fill using their own, fresh eyedropper bottle. The cartridge is then attached to the reusable base unit and would be capable of dispensing up to 180 metered sprays. Once empty, the cartridge is simply replaced with a new user-filled cartridge. Reliable and Precise Spray Rigorous testing has resulted in observations of the Optejet's durable base unit performing over 30,000 sprays, and 98% of the Optejet sprays were between 8-9 microliters (approximately equal to the amount of liquid the eye can hold) over 180 doses, meeting exacting specifications. Versatile Applications The user-filled Optejet is designed to work with a variety of topical ophthalmic liquids, such as artificial tears and lens rewetting products, which are expected to generate sales of four billion dollars in the U.S. this year alone. About Eyenovia, Inc. Eyenovia, Inc. is an ophthalmic technology company developing its proprietary Optejet topical ophthalmic medication dispensing platform. The Optejet may be especially useful in treatment of chronic front-of-the-eye diseases due to its ease of use, enhanced safety and tolerability, and potential for superior compliance versus standard eye drops. Together, these benefits may combine to produce better treatment options and outcomes for patients and providers. For more information, please visit Forward Looking Statements Except for historical information, all the statements, expectations and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions, including those relating to the estimated market opportunities for our platform technology and the regulatory pathway and timing for availability of our products. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and in some cases are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the U.S. Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to, among other things: the potential advantages of our products and platform technology; the regulatory pathway that would apply to our products; our estimates regarding the potential market opportunity for our products; reliance on third parties to develop and commercialize our products; the ability of us and our partners to timely develop, implement and maintain manufacturing, commercialization and marketing capabilities and strategies for our products; intellectual property risks; changes in legal, regulatory, legislative and geopolitical environments in the markets in which we operate and the impact of these changes on our ability to obtain and maintain regulatory approval for our products and product candidates; our competitive position; our ability to raise additional funds and to make payments on our debt obligations as and when necessary; and our ability to pursue strategic alternatives. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, Eyenovia does not undertake any obligation to update any forward-looking statements. Eyenovia Contact: Eyenovia, Inc. Eyenovia Investor Contact: Eric Ribner LifeSci Advisors, LLC
