 - Total revenues of 4.1 million and net product revenues of 3.7 million impacted by COVID-19 pandemic - - U.S. commercial alliance with ImprimisRx to expand reach of DEXYCU -- Jay S. Duker, M.D., world-renowned retinal specialist, joins as Chief Strategic Scientific Officer to lead EYP-1901 development efforts and support expansion of pipeline -- EYP-1901, a potential six-month sustained delivery anti-VEGF therapy initially targeting wet age-related macular degeneration, remains on track for Q4 IND filing - - Management to host a conference call and webcast today at 8:30 AM ET -WATERTOWN, Mass., Aug. 05, 2020 GLOBE NEWSWIRE -- EyePoint Pharmaceuticals, Inc. NASDAQ: EYPT, a pharmaceutical company committed to developing and commercializing innovative ophthalmic products, today announced financial results for the second quarter ended June 30, 2020 and highlighted recent corporate developments.We were encouraged by the re-opening of healthcare facilities in select regions of the U.S during the quarter-end as underlying customer demand from our distributors was strong in June for both YUTIQ and DEXYCU. We believe the distinct advantages of single-injection, long-lasting activity provides for fewer office visits and less contact with patient eyes and positions both products for expanded use during the COVID-19 pandemic and recovery, said Nancy Lurker, President and Chief Executive Officer of EyePoint Pharmaceuticals. We are also very excited to announce our new U.S. commercial alliance with ImprimisRx for DEXYCU and believe that this collaboration will significantly enhance the DEXYCU opportunity by reaching new physicians and ambulatory surgery centers, while also pairing DEXYCU with Harrows complementary ophthalmology drug offerings. In addition to increased physician reach, this agreement keeps our commercial cost structure at our previously announced reduced levels. As we continue to further build our commercial efforts and product education initiatives, we remain very focused on our balance sheet and continue to actively manage our spending burn rate as we look to extend our cash runway into 2021.Ms. Lurker continued, Our new Chief Strategic Scientific Officer, Dr. Jay Duker, will lead our development efforts for EYP-1901, a potential six-month sustained delivery anti-VEGF therapy using our bioerodible Durasert technology. The good laboratory practice GLP toxicology study for this program is progressing well and we expect data in the coming months to support filing of an Investigational New Drug IND application in the fourth quarter. We are very excited to advance this program to potentially treat wet age-related macular degeneration wet AMD, a significant market in need of innovative, long-lasting therapies.Commercial Performance in Second Quarter 2020 During the quarter, public health authorities and government agencies, including the Centers for Medicare Medicaid Services CMS, issued recommendations for the re-opening of health care systems and the resumption of non-essential elective surgeries, including cataract surgery, in areas with low or stable incidence of COVID-19. As a result, office visits for uveitis and retinal specialists increased and ambulatory surgery centers ASCs resumed operations and scheduling of surgeries in select U.S. regions on a limited basis. Customer demand for YUTIQ, represented as units purchased by physicians from the Companys distributors, was 428 units in Q2 as compared to 537 units in Q1. June represented 167 units of that demand. Customer demand for DEXYCU, represented as units purchased by ASCs from the Companys distributors, was 2,096 units in Q2 as compared to 3,462 units in Q1. June represented one of the highest customer demand months of 2020 for DEXYCU, with 1,592 units, despite reductions in our commercial organization that were announced on April 1. The Company continues to actively monitor the COVID-19 pandemic and associated public health recommendations to ensure the safety of our patients and physicians as regions of the U.S. begin to reopen.Operations Update In August, the Company announced a U.S. commercial alliance with ImprimisRx, the nations leading ophthalmic-focused outsourcing facility, for DEXYCU, in which it will be marketed as prioritized product. Under the terms of the commercial alliance, ImprimisRx will deploy its sales team to immediately begin promoting DEXYCU to its accounts with an initial focus on accounts currently purchasing Tri-Moxi for ocular surgery inflammation. EyePoint will be responsible for the marketing, selling, pricing, manufacturing, and contracting for DEXYCU while also seeking additional volume-based agreements with ASCs and integrated health care networks to expand patient access. ImprimisRx will be entitled to receive a commission on the incremental sales that exceed pre-specified baselines. In July, Jay S. Duker, M.D, was appointed to the newly created role of Chief Strategic Scientific Officer. Dr. Duker will lead the strategic advancement of research and development efforts, beginning with our lead development candidate, EYP-1901, for wet AMD and new pipeline expansion opportunities under evaluation. Dr. Duker is world renowned retinal disease expert and serves as the Director of the New England Eye Center. and Professor and Chair of Ophthalmology at Tufts Medical Center and Tufts University School of Medicine.RD Highlights In July, data from the first Phase 3 trial of YUTIQ were presented at the American Society of Retina Specialists Virtual Annual Meeting. A post-hoc analysis of imputed recurrences revealed over half were from confounding systemic medication use, which suggest the recurrence rate for YUTIQ is likely lower than the reported 56 at 36-months. The results also demonstrated YUTIQ increased the resolution of macular edema and improved visual acuity at 36-months. In June, supportive data from the Phase 2 trial of orally delivered vorolanib, the anti-VEGF molecule in EYP-1901, conducted by Tyrogenex, Inc. for the treatment of wet AMD were published in the British Journal of Ophthalmology. Oral vorolanib demonstrated non-inferiority in visual acuity compared to placebo with best corrected visual acuity BCVA stable through 12-months. The three oral vorolanib doses levels studied also demonstrated a decreased intravitreal anti-VEGF injection burden and a longer time to first treatment as compared to placebo. There were several instances in which patients on vorolanib did not require another anti-VEGF injection after screening. The trial was prematurely stopped due to gastrointestinal and hepatobiliary toxicity concerns. The efficacy results provide additional validation of vorolanib for use in EYP-1901 as a potential single dose sustained release treatment for wet AMD. In June, a post-hoc analysis of cases of bilateral uveitis in the first Phase 3 trial of YUTIQ were presented virtually at the Association for Research in Vision and Ophthalmology Annual Meeting. Outcomes for the untreated fellow eye were examined as a means of understanding the natural history of the disease and showed a recurrence rate of 86.4 compared to 56.3 for YUTIQ treated eyes at 36-months. At 36-months, fellow eyes also showed a higher rate of the need for the assistance of adjunctive intraocularperiocular injection medication for uveitic inflammation, more macular edema, and a one-line average decrease in BCVA. These supportive results reinforce the long-term, anti-inflammatory activity of YUTIQ for this difficult to treat disease. In May, four abstracts highlighting data from the ongoing retrospective study of real-world use of DEXYCU were presented at the American Society of Cataract and Refractive Surgery 2020 Virtual Annual Meeting. The data showed DEXYCUs early-acting anti-inflammatory activity resulted in complete anterior chamber cell clearing cell score0, a measurement of inflammation, in 51.2, 60.9, 86.2 and 90.5 at postoperative day 1, 8, 14 and 30, respectively. The proportion of patients with no anterior chamber flares flare score0, another measurement of inflammation, was 85.9, 97.1, 99.1 and 99.1 at postoperative day 1, 8, 14 and 30, respectively. DEXYCU also received high marks on the physician survey of product satisfaction, ease of use, efficacy compared to topic steroids and patient satisfaction.Review of Second Quarter Results Ended June 30, 2020 For the three months ended June 30, 2020, total net revenue was 4.1 million compared to 7.2 million for the three months ended June 30, 2019. Net product revenue for the three months ended June 30, 2020 was 3.7 million, with 2.9 million for YUTIQ and 0.8 million for DEXYCU, compared to net product revenue for three months ended June 30, 2019 of 6.7 million generated by YUTIQ. Net product revenue represents product purchased by EyePoints distributors whereas customer demand represents purchases of product by physician practices and ambulatory surgery centers from EyePoints distributors.Net revenue from royalties and collaborations for the three months ended June 30, 2020 totaled 416,000 compared to 505,000 in the corresponding quarter in 2019.Operating expenses for the three months ended June 30, 2020 decreased to 15.3 million from 17.4 million in the prior year period, due primarily to decreased sales and marketing costs from our previously announced restructuring as well as lower research and development costs. Non-operating expense, net, for the three months ended June 30, 2020 totaled 1.8 million of net interest expense. Net loss for the three months ended June 30, 2020 was 13.0 million, or 0.10 per share, compared to a net loss of 11.5 million, or 0.11 per share, for the prior year quarter. 