EyePoint amends existing debt facility with CRG Servicing

By Taylor Fox

New York, Oct. 8 – EyePoint Pharmaceuticals, Inc. announced an amendment to its existing debt facility with CRG Servicing LLC, according to a news release.

Under the terms of the amendment, CRG waived the covenant associated with EyePoint’s product revenue of Dexycu and Yutiq for the 12-month period ending on Dec. 31.

The parties also agreed to a reduction of the Dec. 31 net product revenue covenant to $45 million from $80 million based on the recovery and return in customer demand for both products following Covid-19-related closures.

EyePoint drew an initial $35 million under the debt facility in February 2019, and in April 2019 it 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, EyePoint is required to make interest-only payments.

At Sept. 30, EyePoint had $28.7 million of cash.

EyePoint is a pharmaceutical company developing and commercializing ophthalmic products and is based in Watertown, Mass.

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