Eyenovia to Cut 50% of Workforce After Phase 3 Study Disappoints

Dow Jones07:20

By Kailyn Rhone

Eyenovia said Friday it plans to cut half of its workforce after results from a Phase 3 study missed their primary endpoint.

The pharmaceutical company had 57 full-time employees as of March 15. There were no part-time employees. Eyenovia also engages with various consultants and contractors.

The study evaluated the effectiveness of the company's proprietary drug-device combination of low-dose atropine in the Eyenovia's Optejet dispensing platform as a potential treatment for pediatric progressive myopia. The trial failed to meet its goal of a less than 0.5 diopter progression in visual acuity over three years.

Chief Executive Michael Rowe said the company plans to terminate the study and review the data.

Eyenovia said it's considering a variety of measures to maximize stakeholder value and reduce expenses. It will also evaluate its strategic options including a possible business combination, reverse merger, asset sales or some combination of those alternatives.

The New York-based company expects to incur around $200,000 in costs related to severance, benefits and termination expenses. Final costs may change differ depending on unforeseen circumstances during the transition.

Eyenovia didn't disclose when it would complete the workforce reduction, and said remaining staff will focus on its dry eye collaborations and clobetasol commercialization.

Write to Kailyn Rhone at kailyn.rhone@wsj.com

(END) Dow Jones Newswires

November 15, 2024 18:20 ET (23:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483532230?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-16 07:20","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2483532230","market":"sh","top_or_hot":-1,"title":"Eyenovia to Cut 50% of Workforce After Phase 3 Study Disappoints","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Kailyn Rhone \n</p>\n<p>\n  Eyenovia said Friday it plans to cut half of its workforce after results from a Phase 3 study missed their primary endpoint. \n</p>\n<p>\n  The pharmaceutical company had 57 full-time employees as of March 15. There were no part-time employees. Eyenovia also engages with various consultants and contractors. \n</p>\n<p>\n  The study evaluated the effectiveness of the company's proprietary drug-device combination of low-dose atropine in the Eyenovia's Optejet dispensing platform as a potential treatment for pediatric progressive myopia. The trial failed to meet its goal of a less than 0.5 diopter progression in visual acuity over three years. \n</p>\n<p>\n  Chief Executive Michael Rowe said the company plans to terminate the study and review the data. \n</p>\n<p>\n  Eyenovia said it's considering a variety of measures to maximize stakeholder value and reduce expenses. It will also evaluate its strategic options including a possible business combination, reverse merger, asset sales or some combination of those alternatives. \n</p>\n<p>\n  The New York-based company expects to incur around $200,000 in costs related to severance, benefits and termination expenses. Final costs may change differ depending on unforeseen circumstances during the transition. \n</p>\n<p>\n  Eyenovia didn't disclose when it would complete the workforce reduction, and said remaining staff will focus on its dry eye collaborations and clobetasol commercialization. \n</p>\n<p>\n  Write to Kailyn Rhone at kailyn.rhone@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 15, 2024 18:20 ET (23:20 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Eyenovia to Cut 50% of Workforce After Phase 3 Study Disappoints</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEyenovia to Cut 50% of Workforce After Phase 3 Study Disappoints\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-16 07:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Kailyn Rhone \n\n\n  Eyenovia said Friday it plans to cut half of its workforce after results from a Phase 3 study missed their primary endpoint. \n\n\n  The pharmaceutical company had 57 full-time ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4007","symbol_name":"制药","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2483532230","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483532230","pubTimestamp":1731712800,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Eyenovia said Friday it plans to cut half of its workforce after results from a Phase 3 study missed their primary endpoint.The pharmaceutical company had 57 full-time employees as of March 15. There were no part-time employees. Eyenovia also engages with various consultants and contractors.The study evaluated the effectiveness of the company's proprietary drug-device combination of low-dose atropine in the Eyenovia's Optejet dispensing platform as a potential treatment for pediatric progressive myopia. The trial failed to meet its goal of a less than 0.5 diopter progression in visual acuity over three years.Chief Executive Michael Rowe said the company plans to terminate the study and review the data.Eyenovia said it's considering a variety of measures to maximize stakeholder value and reduce expenses. It will also evaluate its strategic options including a possible business combination, reverse merger, asset sales or some combination of those alternatives.Eyenovia didn't disclose whe","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4007":"制药","EYEN":"Eyenovia Inc."},"translate_title":"Eyenovia在第三阶段研究令人失望后将裁员50%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EYEN":0.9},"content_text":"By Kailyn Rhone \n\n\n  Eyenovia said Friday it plans to cut half of its workforce after results from a Phase 3 study missed their primary endpoint. \n\n\n  The pharmaceutical company had 57 full-time employees as of March 15. There were no part-time employees. Eyenovia also engages with various consultants and contractors. \n\n\n  The study evaluated the effectiveness of the company's proprietary drug-device combination of low-dose atropine in the Eyenovia's Optejet dispensing platform as a potential treatment for pediatric progressive myopia. The trial failed to meet its goal of a less than 0.5 diopter progression in visual acuity over three years. \n\n\n  Chief Executive Michael Rowe said the company plans to terminate the study and review the data. \n\n\n  Eyenovia said it's considering a variety of measures to maximize stakeholder value and reduce expenses. It will also evaluate its strategic options including a possible business combination, reverse merger, asset sales or some combination of those alternatives. \n\n\n  The New York-based company expects to incur around $200,000 in costs related to severance, benefits and termination expenses. Final costs may change differ depending on unforeseen circumstances during the transition. \n\n\n  Eyenovia didn't disclose when it would complete the workforce reduction, and said remaining staff will focus on its dry eye collaborations and clobetasol commercialization. \n\n\n  Write to Kailyn Rhone at kailyn.rhone@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 15, 2024 18:20 ET (23:20 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483532230"}