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OYSTER POINT PHARMA, INC.

(OYST)
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Oyster Point Pharma : drug becomes first FDA-approved nasal spray to treat dry eyes

10/18/2021 | 06:34am EST

Oct 18 (Reuters) - Oyster Point Pharma Inc's treatment for dry eye disease became the first U.S. approved nasal spray for the chronic condition, sending the drug developer's shares about 7% higher in morning trade.

The company said on Monday its spray, Tyrvaya, will be made available from next month to patients with a prescription, but did not reveal its listing price.

Tyrvaya's potential market size could be more than $1 billion, Cowen and Co analyst Ken Cacciatore said in a note, as the market is still large and underserved.

The dry eye disease -- characterized by stinging, sensitivity to light, blurred vision and eye fatigue -- affects about 38 million Americans, and is currently treated with over-the-counter artificial tear drops such as GenTeal and Refresh.

Oyster Point Chief Commercial Officer John Snisarenko said Tyrvaya will be "very affordable and competitive" with Novartis' Xiidra and AbbVie Inc's Restasis -- prescription eye drops also used to treat dry eye disease.

He said patients will have to pay around $10 out of pocket for Tyrvaya if their insurers do not cover the drug.

Oyster Point said the twice daily nasal spray was tested in trials covering over 1,000 patients with mild, moderate or severe symptoms, where it showed statistically significant improvement in production of tear film on eye surface.

Tear film helps keep eyes moist, reducing risks of infection and contributing to clear vision.

Tyrvaya, the first approved product for Oyster Point, is significantly differentiated from competition due to its faster onset of action, impressive safety and tolerability profile, and ease of use, Cacciatore said.

It is a nasal spray formulation of the drug varenicline, also used in Pfizer Inc's smoking cessation drug, Chantix. (Reporting by Leroy Leo and Manojna Maddipatla in Bengaluru; Editing by Shinjini Ganguli)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NOVARTIS AG -0.59% 73.8 Delayed Quote.-11.25%
OYSTER POINT PHARMA, INC. 3.51% 10.61 Delayed Quote.-45.54%
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Financials (USD)
Sales 2021 18,4 M - -
Net income 2021 -96,7 M - -
Net Debt 2021 - - -
P/E ratio 2021 -2,68x
Yield 2021 -
Capitalization 268 M 268 M -
Capi. / Sales 2021 14,6x
Capi. / Sales 2022 8,01x
Nbr of Employees 62
Free-Float 93,4%
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Oyster Point Pharma, Inc. Technical Analysis Chart | OYST | US69242L1061 | MarketScreener
Technical analysis trends OYSTER POINT PHARMA, INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 4
Last Close Price 10,25 $
Average target price 50,25 $
Spread / Average Target 390%
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Managers and Directors
Jeffrey A. Nau President, Chief Executive Officer & Director
Daniel Lochner Chief Financial Officer
Donald J. Santel Non-Executive Chairman
Marian Macsai Chief Medical Officer & Head-Medical Affairs
Eric Carlson Chief Scientific Officer
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