Eyenovia, Inc. and Betaliq, Inc. could potentially be heading toward a “reverse merger transaction” to form a new ophthalmic company, the companies recently announced.
Lots to get into with this. But first: these players.
We’ll start with Eyenovia.
Based in New York, the commercial-stage ophthalmic pharmaceutical technology company is developing a pipeline of micro-dosed treatments for front-and-back-of-eye diseases, including presbyopia, mydriasis, and myopia.
On the regulatory side: The company’s Mydcombi (tropicaide and phenylephrine hydrochloride ophthalmic spray) 1% / 2.5% for inducing mydriasis was cleared by the FDA in 2023.
- And its proprietary Optojet dispensing platform is FDA-cleared as the delivery system to deliver Mydcombi.
Give me a rundown on this.
The Optejet device is exclusively designed for ocular therapeutics as a way to dispense topical eye medications using Eyenovia’s Microdose Array Print (MAP) technology as a topical delivery system (similar to an inkjet printer).
The process: Medication is dispensed horizontally in a mist to coat the surface of the cornea, with contact to the eye occurring at a low velocity to reduce ocular impact.
- For chronic medications: The device is intended to ensure patient adherence while providing real-time data to a physician.
Check out the supporting clinical data on it.
- And, most notably, the delivery system is key to a number of dry eye-based product development partnerships Eyenovia launched in 2024.
Got it. Now, moving on to Betaliq.
The glaucoma-focused, clinical-stage pharmaceutical company—launched via a collaboration with Novaliq GmbH—is developing a portfolio of topical glaucoma treatments featuring a unique delivery system of its own.
- That system: EyeSol, a water-free eye drop delivery technology designed to advance drug bioavailability and increase residency time in the eye—all while using less drug overall and without the need for chemical preservatives.
Alrighty, now talk about this proposed merger.
Let’s define a couple of terms first:
- A reverse merger transaction involves a more simplified and expedited process where a private company acquires a public company, enabling the private company to become publicly traded without needing to raise capital.
- And a non-binding letter of intent (LOI) is considered a short preliminary contract that precedes a longer binding agreement—such as a share or asset purchase agreement.
And in the context of these companies?
Eyenovia entered into a non-binding LOI with Betaliq to consider a reverse merger transaction to create a new ophthalmic company focused on the aforementioned proprietary technologies.
Its proposed therapeutic focus: glaucoma.
How would the technologies work together?
While both the Optejet and EyeSol platforms provide similar benefits for enhancing products’ ease of use and compliance with therapeutics, the companies also noted that—most importantly—EyeSol is compatible with the Optejet.
Plus: EyeSol delivers a 10 microliters (µL) drop size th
at can be replicated in the Optejet device.
Was any monetary value mentioned for this deal?
There is, actually. Per the companies, the value for each—assuming zero cash (net of liabilities) at the closing of this potential merger—would be:
- Eyenovia: Approximately $15 million
- Betaliq: Approximately $77 million
For equity holders: As a result of this exchange ratio, the intent would be for Betaliq and Eyenovia equity holders to own an estimated 83.7% and 16.3% of the newly-combined company, respectively.
And what’s the intent behind this merger?
Eyenovia CEO Michael Rowe stated that a potential merger is “in the best interests of our company, our team members, patients, and shareholders.”
- If the transaction goes through, he added, “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.”
- Plus: Eyenovia’s existing FDA-approved products would continue to be marketed by the new company.
Similarly: Betaliq CEO Barry Butler emphasized the “significant opportunity in the eyecare space” that the joining of both technologies could represent for patients with glaucoma and other ocular diseases—not to mention opportunities for pipeline expansion.
As far as timing goes … when might we hear a final decision?
No exact timeframe has been shared so far.
- The companies noted there is “no assurance that any such agreement will be executed or the proposed transaction” will actually take place—and definitely not a definitive timeline (if it actually does).
Even further: The deal will be contingent on a number of factors and definitive agreements from both sides.
- Specifically, Eyenovia stated that it “does not intend to discuss or disclose further developments” unless an actual agreement is in place and executed.
Gotcha. So in the meantime, are there any product developments to keep an eye on?
There are!
Eyenovia plans to file for U.S. regulatory approval of a user-filled version of the Optejet, designed to operate with a number of topical ophthalmic liquids such as artificial tears and rewetting products.
- Its anticipated timeframe for filing: End of Q3 2025.
So on both fronts—this merger and the user-filled Optejet—stay tuned for news!