Eyenovia, Betaliq enter potential reverse merger agreement
If executed, the reverse merger would create a new ophthalmic company that pairs two FDA-approved technologies for use in glaucoma patients.
(Image credit: Adobe Stock / ©dizain)
Eyenovia recently announced its entrance into a non-binding letter of intent debating a potential reverse merger transaction with Betaliq, a clinical stage pharmaceutical company with a therapeutic focus on glaucoma. The potential merger would create a new ophthalmic company that pairs two FDA-approved technologies – Betaliq’s EyeSOl water-free drug delivery technology for use in glaucoma and Eyenovia’s Optejet topical ophthalmic liquid dispensing platform.
Michael Rowe, chief executive officer of Eyenovia, said, ““Following a review of strategic alternatives that we initiated in January, I, along with my fellow Board members, concluded that continuing the negotiation of this potential merger with Betaliq is in the best interests of our company, our team members, patients and shareholders. Under a combined new company, if the transaction is completed, our existing products could continue to be marketed to ophthalmologists and optometrists, while the combination of the EyeSol and Optejet technologies has the potential to create a platform that could fundamentally improve how topical eye medications and products are administered. We look forward to working with the Betaliq team on the completion of due diligence and the negotiation and potential execution of a definitive merger agreement in the coming weeks.”
Barry Butler, chief executive officer of Betaliq, shares similar views to Rowe, adding, “This proposed merger with Eyenovia represents a significant opportunity in the eye care space. The inherent synergies of the EyeSol and Optejet technologies could bring innovative new treatment options to patients with glaucoma as well as other ocular diseases. By leveraging the existing pipelines of Eyenovia and Betaliq with multiple opportunities for pipeline expansion through established partnerships, we believe we can build a leading ophthalmic company.”
Eyenovia is still working on advancing the development of Optejet and remains on time to file for U.S. regulatory approval in the fourth quarter of this year. The company does not intend to discuss or disclose further development regarding the possible merger until a definitive agreement is reached.
