Why Harrow Health Stock Is Trading Higher Today?

Harrow Health Inc HROW agreed to acquire the U.S. and Canadian commercial rights for Vevye (cyclosporine ophthalmic solution) 0.1%, a non‑preserved from Novaliq GmbH. Deal terms were not disclosed.

Vevye is an ophthalmic solution prescription drug based on Novaliq's proprietary EyeSol water-free technology.

Vevye, which is dispensed topically in a unique 10 microliter per one drop and is labeled for twice‑daily (BID) dosing, is the first and only cyclosporine-based product indicated for signs and symptoms of dry eye disease (DED). FDA approved the drug in May.

Harrow has also agreed to acquire certain U.S. and Canadian commercial rights for the following branded products from Santen Pharmaceutical Co Ltd, including:

U.S. Products:

• Flarex (fluorometholone acetate ophthalmic suspension) 0.1%, a corticosteroid indicated for steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the eye.
• Natacyn (natamycin ophthalmic suspension) 5%, a sterile antifungal indicated for fungal blepharitis, conjunctivitis, and keratitis.
• Tobradex ST (tobramycin and dexamethasone ophthalmic suspension) 0.3%/0.05%, an antibiotic and corticosteroid combination for steroid-responsive inflammatory ocular conditions.
• Verkazia (cyclosporine ophthalmic emulsion) 0.1%, a calcineurin inhibitor immunosuppressant vernal keratoconjunctivitis and holds orphan-drug exclusivity.
• Zerviate (cetirizine ophthalmic solution) 0.24% for ocular itching associated with allergic conjunctivitis.
• Freshkote is used as a lubricant to reduce further irritation or relieve dryness of the eye.

Canadian Products:

• Verkazia for children from four years of age through adolescence.
• Cationorm PLUS is a preservative-free emulsion for dry eye symptoms and ocular allergies.

In December last year, Harrow acquired exclusive U.S. commercial rights to five FDA‑approved ophthalmic products from Novartis AG NVS.

The company raised $60 million via equity. It issued around 3.4 million shares at $17.75 per share.

The company expects Q2 2023 revenues in excess of $31.0 million compared with $23.3 million a year ago and the consensus of $29.2 million.

It expects Q2 adjusted EBITDA of over $9.3 million.

Price Action: HROW shares are up 22.90% at $22.45 on the last check Wednesday.