NEWS
Eyenovia taking additional actions to reduce personnel-related costs by over 70%
Eyenovia (EYEN) announced that Avenue Capital Management has agreed to support a potential restructuring of Eyenovia’s Loan and Security Agreement and has agreed to defer principal and interest payments on its outstanding debt until the end of February 2025. Eyenovia also announced that it is taking additional actions that are intended to reduce the Company’s ongoing personnel-related costs by over 70%. “We are grateful to Avenue Capital for the support they have demonstrated during this challenging time,” stated Michael Rowe, CEO of Eyenovia. “We took immediate steps to restructure our costs and extend our runway to allow us the flexibility to explore a broad range of strategic alternatives.” As previously disclosed, Eyenovia is considering a variety of steps to maximize value to all stakeholders, to reduce expenses and to evaluate its strategic options, which may include a business combination, reverse merger, asset sales or a combination of those alternatives. Further information will be made available once the evaluation of strategic options has been completed.
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