WATERTOWN, Mass., Oct. 08, 2020 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT), a pharmaceutical company committed to developing and commercializing innovative ophthalmic products, today announced an amendment to its existing debt facility with CRG Servicing LLC (CRG). Under the terms of the amendment, CRG has waived the covenant associated with the Company's net product revenue of DEXYCU® and YUTIQ® for the twelve-month period ending on December 31, 2020. The parties also agreed to a reduction of the December 31, 2021 net product revenue covenant to $45 million from $80 million based on the promising recovery and return in customer demand for both products following COVID-19-related closures. There were no other material changes made to the term loan agreement with CRG.
"This amendment recognizes the encouraging recovery trends of customer demand and commercial progress as additional U.S. regions re-open for business following COVID-19-related closures," said George Elston, Chief Financial Officer and Head of Corporate Development of EyePoint Pharmaceuticals. "We appreciate the support of our partners at CRG as we continue to expand the reach of our product portfolio to patients in need."
"We are happy to support our portfolio companies through the challenges of this year. More importantly, we are pleased with the recent commercial progress, encouraging customer demand trends and future outlook as customer facilities return to normal operations," said Luke Düster, Partner, CRG.
The Company drew an initial $35 million under the debt facility in February 2019. In April 2019, the Company exercised its option to borrow an additional $15 million under the terms of the loan. Prior to the conclusion of the debt facility's five-year term, the Company is required to make interest-only payments.
At September 30, 2020 the Company had approximately $28.7 million of cash.