TAIPEI , Aug. 7, 2024 /PRNewswire/ -- Taiwan -based Formosa Pharmaceuticals ("Formosa", 6838.TWO) announced today that the company has signed a non-binding terms agreement with Eyenovia, Inc.
("Eyenovia", NASDAQ: EYEN ), whereby the companies will co-develop Clobetasol Propionate Ophthalmic Suspension 0.05% ("clobetasol propionate") for the short-term relief of dry eye disease. Both companies will conduct due diligence and work toward a definitive agreement that will include the sharing of development costs and the division of profit upon commercialization.
This agreement will effectively expand Eyenovia and Formosa's existing collaboration agreement signed in February 2023 which included the testing of clobetasol propionate in the Optejet ® and a consultation meeting with the FDA to discuss the dry eye indications. Clobetasol propionate is a potent steroid that was approved in the U.S.
by the FDA on March 4, 2024 , for the reduction of inflammation and pain associated with the estimated seven million ocular surgeries in the U.S. The additional acute dry eye indication could expand the use of clobetasol among the millions of people who experience flare-ups.
According to American Academy of Ophthalmology, about 80% of patients suffering from dry eye experience flare-ups. IQVIA estimates that approximately 2 million people are treated with prescription medications for dry eye in the US. Clobetasol Propionate Ophthalmic Nanosuspension, 0.
05% is the first product developed using.