By Colin Kellaher
Eyenovia shares collapsed Friday after a late-stage study of the ophthalmic technology company's proposed treatment for nearsightedness in children failed.
Shares of the New York company were recently changing hands at 9.7 cents, down more than 71%, after touching an all-time low of 8.6 cents earlier in the session.
Eyenovia said it is ending the Phase 3 study of a drug-device combination of low-dose atropine in its Optejet dispensing platform in pediatric progressive myopia and exploring its strategic options after an independent review found that the study wouldn't hit its main goal.
Following the disclosure, William Blair downgraded shares of Eyenovia to market perform from outperform, citing the negative study results and the company's capital constraints.
In a research note, analyst Lachlan Hanbury-Brown said that while he still sees value in Eyenovia's pipeline and commercial products, the company had only $7.2 million in cash at the end of the third quarter and no clear path on which to raise more capital on favorable terms, which he said will limit Eyenovia's ability to invest in the launch of its of clobetasol product and realize its potential value.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 15, 2024 12:02 ET (17:02 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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