** Shares of eye-disease focused Eyenovia EYEN.O fall 2.4% to $1.63 premarket

** Co says it is exploring a reverse merger with privately held Betaliq to combine their eye-disease focused operations

** The proposed deal values Betaliq at around $77 million and Eyenovia at about $15 million

** EYEN will hold 16.3% of the combined company and Betaliq will hold the remaining stake, if merger is successful

** Both EYEN's Optejet device and Betaliq's EyeSol technology are used to deliver FDA-approved eye-care medications to patients

** Up to last close, EYEN fell ~2x in the past 12 months

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com;))