Formosa Pharmaceuticals Announces Development Collaboration Agreement with Eyenovia

The collaboration will combine Formosa's proprietary APNT™ nanoparticle formulation platform with Eyenovia's Optejet^® dispensing technology for the development of new ophthalmic therapies in high-value indications with significant unmet medical needs.

TAIPEI, Feb. 15, 2023 /PRNewswire/ -- Taiwan-based Formosa Pharmaceuticals ("Formosa", 6838.TWO) announced today that the company has entered into a collaboration agreement with Eyenovia, Inc. ("Eyenovia", NASDAQ: EYEN) for the development of novel ophthalmic therapeutics.  The foundation of the collaboration lies in the combination of Formosa's APNT™ formulation platform with Eyenovia's Optejet^® delivery system. 

Eyenovia's Optejet^® delivery platform for ocular therapeutics utilizes Microdose Array Print (MAP™) technology to deliver 6-8 microliters of drug product, consistent with the capacity of the tear film of the eye.  At less than 20% volume of that delivered by conventional eyedroppers, Optejet^® reduces the risk of overdosing and unnecessary drug exposure.  Furthermore, the Optejet^® action is both rapid and gentle, ensuring efficient and comfortable delivery to the ocular surface.

Formosa's proprietary APNT™ formulation platform improves dissolution and bioavailability of active pharmaceutical ingredients via a mild and efficient particle size reduction technique optimized for topical, oral, or inhaler administration routes.  Resulting formulations have high uniformity, purity, and stability, thereby allowing the utilization of poorly soluble or extremely potent drug agents which otherwise may face insurmountable challenges in delivery and penetration to target tissues.

"We have assembled a large and growing body of evidence demonstrating the many benefits of Optejet^®, including improved patient compliance and the achievement of therapeutic doses of medication with far less stress on the ocular surface than other forms of administration, such as standard eye drops," stated Michael Rowe, Chief Executive Officer of Eyenovia. "Through this development collaboration, we not only gain access to Formosa's proven ophthalmic formulation expertise for further development using Optejet^®, but also its APNT™ formulation platform which opens up several new and large market indications for potential expansion of our own development pipeline. We look forward to a long and mutually beneficial partnership."

"We are delighted to have this opportunity to explore new frontiers in ophthalmology in this collaboration with Eyenovia," said Erick Co, Chief Executive Officer of Formosa Pharmaceuticals.  "Each company's proprietary technology enables the efficient use of existing and untapped agents in new indications.  Together, APNT™ and Optejet^® have obvious synergies and thus a high potential to unlock a wide new range of ophthalmic therapeutics and applications.  We are keen to launch this collaboration as quickly as possible."

About Formosa Pharmaceuticals, Inc.

Formosa Pharmaceuticals, Inc. (6838.TWO) is a clinical stage biotechnology company with primary focus in the areas of ophthalmology and oncology.  Formosa's lead program, APP13007, a novel corticosteroid nanosuspension derived through APNT™, successfully completed Phase 3 trials and will be submitted to the FDA later this year for approval for the treatment of inflammation and pain following ocular surgery.  For more details about Formosa Pharma and APNT™, visit www.formosapharma.com.

About Eyenovia, Inc.

Eyenovia, Inc. (NASDAQ: EYEN) is an ophthalmic pharmaceutical technology company developing a pipeline of microdose array print (MAP^TM) therapeutics. Eyenovia is currently focused on the late-stage development of microdosed medications for mydriasis, presbyopia and myopia progression.  Eyenovia's most advanced program (MydCombi) is a microdosed combination of tropicamide and phenylephrine for rapid and facile in-office pupil dilation for routine eye exams.  For more information, visit Eyenovia.com.

SOURCE Formosa Pharmaceuticals Inc.,