EYEG - EyeGate surge in premarket as it acquires Panoptes Pharma for $4M

EyeGate Pharmaceuticals (EYEG) is acquiring Belgium-based Panoptes Pharma for $4M in cash and stock to broaden its pipeline targeting eye disorders. The shares of EyeGate have surged +67.8% in pre-market trading.As part of the deal, the co-founders of Panoptes, Dr. Franz Obermayr, and Dr. Stefan Sperl will join the EyeGate management team as EVP Clinical Development and EVP CMC and Operations, respectively.With the acquisition, the clinical-stage pharmaceutical company focused on developing treatments for eye disorders is adding Panoptes’ PP-001, a next-generation, non-steroidal, immuno-modulatory, small-molecule inhibitor of Dihydroorotate Dehydrogenase.PP-001 is backed by Phase 1b/2a safety and efficacy data for PaniJect, an intravitreal injection for inflammatory diseases of the eye including posterior uveitis, and Phase 1 safety data for PaniDrop, an eye drop for viral conjunctivitis and dry eye disease.At the close of the acquisition, the adjusted value paid by EyeGate will amount to $4M in EyeGate common stock, preferred stock, and cash. After 18

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EyeGate surge in premarket as it acquires Panoptes Pharma for $4M