A last check shows EyeGate Pharmaceuticals Inc. (EYEG) shares rising 142.31% to $7.56 in after-hours trading. To close Monday’s session, EYEG stock was down -5.45% at $3.12. There were 1.7 million EyeGate shares exchanged on Monday, which was higher than the average daily volume of 0.19 million shares in the past 50 days.
The share price of EYEG stock dropped by -34.32% over the last 12 months and fell by -4.59% last week. The EYEG stock has declined by -30.20% over the past three months and has dropped by -53.01% over the past six months. Moreover, the EYEG has a current market capitalization of $23.06 million, and 6.95 million shares are outstanding. Following the appointment of a new permanent CEO, EYEG stock rose.
Who has been appointed by EYEG?
EYEG stock develops and markets products for the treatment of inflammatory and immune diseases, particularly related to the eye and nervous system. A next-generation, non-steroidal, immunomodulatory, and small-molecule inhibitor of Dihydroorotate Dehydrogenase (“DHODH”), PP-001 is EYEG’s lead clinical-stage drug product.
EYEG’s lead product is designed to ensure that DHODH inhibitors do not cause off-target side effects or safety issues. EYEG has developed an eye drop based on nanocarrier technology to treat viral conjunctivitis and dry eye disease, PaniJect, to treat uveitis, and PaniDrop to treat viral conjunctivitis and dry eye disease.
In announcing his appointment, EYEG stock announced that Brian M Strem, Ph.D., former chief executive officer of Okogen, Inc. and Bayon Therapeutics Inc co-founder, has taken over as permanent President, Chief Executive Officer, and board member of EYEG, effective immediately.
- In his new role, Mr. Strem brings a wealth of scientific expertise, strategic expertise, and experience with drug development in ophthalmology, otology, and regenerative medicine.
- As well, EYEG has entered into a non-binding letter of intent (the “LOI”) to acquire Bayon Therapeutics, which has developed small molecules that will restore vision to patients with inherited and age-related degenerative retinal diseases.
- According to the Term Sheet, EYEG and Bayon intend to negotiate and enter into a definitive agreement.
- Amounts related to the closing consideration for EYEG’s acquisition of Bayon are 50,000 shares of its common stock.
- Also contained in the agreement is the potential for Bayon to earn up to about $7.1 million or, at the discretion of EYEG, approximately 2.2 million shares of common stock or common stock equivalents of EYEG.
How EYEG stock will consider earn out?
Bayon will be assessed by EYEG based on the results of clinical studies and regulatory approvals for its product line. EyeGate (EYEG) and Bayon will provide further details of the proposed transaction upon entering into a definitive agreement.
