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 Formosa's proprietary APNT^® nanoparticle formulation platform. Formosa's APNT^® platform reduces an active pharmaceutical ingredient's particle size with high uniformity and purity, thereby allowing penetration to relevant compartments in the eye, and ultimately enhancing bioavailability.

Erick Co, President and CEO of Formosa Pharma, said, "Formosa Pharma is eager to take the next step in the evolution of our partnership with Eyenovia. We have already proven our respective technologies to be compatible and realizing APNT^® formulations in advanced delivery devices such as Optejet^® is a tremendous opportunity for both companies."

"Clobetasol propionate ophthalmic suspensions has a unique profile that lends itself to exploring its use in dry eye," said Michael Rowe, CEO of Eyenovia. "The drug's efficacy in pain and inflammation relief as well as its low incidence of adverse events could one day be a boon to the millions of dry eye patients who suffer from periodic flare-ups of the disease. The Eyenovia team looks forward to working with our partners at Formosa to move this project forward and ultimately into our Optejet^® dispenser technology."