Eyenovia (NASDAQ:EYEN) Enters Into First Amendment to Loan Agreement and Subscription Agreement

Eyenovia, Inc. (the “Company”) disclosed today that it has entered into a First Amendment to its existing Loan and Security Agreement on November 22, 2024. This amendment, entered into with Avenue Capital Management II, L.P., serves to defer principal and interest payments on amounts outstanding until the end of February 2025.

The Loan and Security Agreement, along with its Supplement, initially provided for term loans in an aggregate principal amount of up to $15.0 million, with the Company currently owing $10.1 million in principal and accrued interest. The interest on the outstanding amount is calculated at an annual rate equivalent to the greater of 7.0% or the prime rate as reported in The Wall Street Journal plus 4.45%.

Concurrently with the First Amendment, Eyenovia and the Lenders have also signed a Subscription Agreement on November 22, 2024. As part of this agreement, the Company will issue 1,901,733 shares of common stock, each valued at approximately $0.1052 per share, to the Lenders. The issuance is anticipated to take place on or around November 25, 2024, with the shares exempted from registration under the Securities Act of 1933.

In a related development, effective November 22, 2024, Andrew D. Jones has transitioned out of his roles as Chief Financial Officer, Treasurer, and Secretary of Eyenovia as part of the Company’s restructuring process. The current Chief Executive Officer, Michael Rowe, has been appointed to take over these roles in addition to his existing responsibilities.

Prior to his appointment as CEO, Michael Rowe served as Corporate Vice President and Chief Operating Officer at Eyenovia. He has a background in various leadership positions within the pharmaceutical industry, including roles at Aerie Pharmaceuticals Inc. and Allergan plc.

Mr. Jones will continue to support the Company as a part-time consultant until December 31, 2024, for which he will receive $20,000 for his services over the next five weeks. Eyenovia further stated that there were no disagreements between Mr. Jones and the Company, and his transition is unrelated to any operational or financial matters within the organization.

This information is in line with a Current Report on Form 8-K filed by Eyenovia with the Securities and Exchange Commission. The full details of the agreements can be found in the respective exhibits attached to the filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Eyenovia’s 8K filing here.

About Eyenovia

Eyenovia, Inc, an ophthalmic technology company, engages in the development of therapeutics based on its proprietary microdose array print platform technology. The company's product candidates include MicroPine, which is in Phase III clinical development program with indications for pediatric myopia progression (near-sightedness); MicroLine, which is in Phase III clinical development program with indications for the improvement in near vision in people with presbyopia; and Mydcombi, which is in Phase III clinical development program with indications for pharmaceutical mydriasis.