Burns & Levinson LLP represented Eyegate Pharmaceuticals, Inc. (NASDAQ: EYEG), a clinical-stage specialty pharmaceutical company focused on developing treatments for diseases of the eye, in two transformative deals.

The firm's Corporate and Securities groups represented EyeGate in an underwritten public offering of 1,176,470 shares of common stock and warrants to purchase up to 1,176,470 shares of common stock, which closed on August 5.

EyeGate received gross proceeds of approximately $10 million from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses. In connection with the offering, EyeGate's common stock and warrants are now listed on the NASDAQ Capital Market and will trade separately under the ticker symbols "EYEG" and "EYEGW," respectively.

In addition, EyeGate entered into a license agreement with Valeant Pharmaceuticals Luxembourg S.à r.l. for the development and commercialization of EyeGate's EGP-437 combination product, which treats uveitis, or inflammation of the middle layer of the eye. EyeGate delivers EGP-437, a reformulated topically active corticosteroid, dexamethasone phosphate, into the ocular tissues through its proprietary innovative drug delivery system, the EyeGate® II Delivery System.

"Collaborating with Valeant Pharmaceuticals will allow EyeGate to more rapidly advance our EGP-437 combination product, and gives us the opportunity to address the needs of uveitis patients across the globe," said Stephen From, president and CEO of EyeGate.

Under the agreement with Valeant, EyeGate received an upfront cash payment, development-based milestone payments related to the completion of development for the indication of anterior uveitis and an approval-based milestone payment upon receipt of FDA approval of the product. EyeGate will receive royalties based on net sales, as well as additional milestone payments based on the achievement of certain cumulative sales objectives.

EyeGate intends to use the proceeds from its recent public offering in part to fund its development and other related obligations under the license agreement.

Partners Joe Maraia and John Serio represented EyeGate in its negotiation of this license agreement, which was signed on July 9.

"Closing these two significant transactions is a huge step in EyeGate's progression and validates its novel pharmaceutical delivery platform with both Valeant and EyeGate's investors," said Joe. "We are very proud to be part of helping EyeGate achieve this goal."

"Joe and the team played a key role in the transaction, adding value at every step of the process," said Stephen. "Their contributions were a major factor in the successful completion of the agreement with Valeant. Moreover, their support of our recent up-listing and capital raise was crucial to the completion of these important milestones."

Burns & Levinson's Corporate group counsels clients in all aspects of both public and private equity and debt financing, as well as federal and state securities law. The firm represents clients on private placements, initial and secondary public offerings under the 1933 Securities Act, exchange listings, 1934 Act proxy and reporting requirements, and investment company and investment advisor matters under the 1940 Acts.

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