EyePoint Pharmaceutical Inc. (NASDAQ:EYPT) has announced Q3 2020 financial results and provided its recent corporate development updates.
DEXYCU and YUTIQ net sales of $5.8 million
The company had total revenue of $15.7 million and net product revenue of $5.8 million, with YUTIQ generating $3.5 million while DEXYCU generated $2.3 million. The net product revenue represents EyePoint’s distributors’ purchases, with customer demand representing physicians and ASCs purchases from the distributors. Revenue from royalties, licenses, and collaborations was $9.9 million in the quarter.
Nancy Lurker, the company’s CEO and President said there was a recovery in patient office visits and restart of operations at most healthcare facilities in Q3. As a result, the company has witnessed increased customer demand for DEXYCU® and YUTIQ® to almost pre-pandemic levels. Lurker said that the company is entering the remaining months of the year with ImprimisRx and EyePoint combined sales representatives mobilized to boost DEXYCU to the established account bases. She also confirmed that the YUTIQ team has continued to call on retinal and uveitis physician officers as per the changing COVID-19 restrictions.
In Q3, the YUTIQ demand was around 450 units, while DEXYCU demand represented units purchased by ASCs being around 4,700 units. The company entered separate marketing agreements for expanded DEXYCU access in the US. In August, EyePoint entered a partnership with ImprimisRX for promoting DEXYCU in the US.
EyePoint completes EYP-1901 study In wet AMD
Recently the company completed its good laboratory practice (GLP) EYP-1901 toxicology study. EYP-1901is a potential six-month intravitreal anti-VEGF sustained delivery treatment for age-related macular degeneration (AMD). Lurker said that the company is on track to submit an IND application before the end of 2020 for EYP-1901. Once the FDA accepts the IND, the company expects to commence Phase 1 EYP-1901 trial in wet AMD. Wet AMD is a sight-threatening eye disease that needs a longer-lasting treatment alternative to slow its progression. The company had $30.5 million in cash by the end of October, and Lurker confirmed that the company is diligently managing its cash burn rate.