Oyster Point Pharmaceuticals

Oyster Point Pharmaceuticals operated as a commercial-stage biopharmaceutical company, directing its efforts toward the discovery, development, and commercialization of treatments for ophthalmic diseases. The company was founded in 2015 and established its headquarters in Princeton, New Jersey. Michael Ackermann co-founded the company in 2017 after identifying a significant unmet need for dry eye disease treatment during a Stanford Innovation Fellowship. Jeffrey Nau, who has over two decades of experience in the biopharma sector, joined as the first employee and CEO in 2017. His background includes key roles at Genentech, where he was involved in the development of Lucentis, a treatment for blinding eye conditions. Nau guided Oyster Point through an initial public offering in 2019 and oversaw its acquisition by Viatris in early 2023.

The company's business was centered on its flagship product, TYRVAYA® (varenicline solution) Nasal Spray, which received FDA approval in October 2021. This prescription-based product is the first and only nasal spray for treating the signs and symptoms of dry eye disease, a chronic and progressive condition affecting a large patient population. The business model revolves around the sale of TYRVAYA to patients through prescriptions from eye care professionals. By July 2022, the product had secured commercial coverage for approximately 117 million people in the U.S. Revenue is generated from the net product sales, with the company reporting $5.6 million in the third quarter of 2022.

TYRVAYA offers a distinct approach to treating dry eye disease by avoiding direct application to the ocular surface. It is a highly selective cholinergic agonist administered as a twice-daily nasal spray. The product is believed to work by binding to cholinergic receptors in the nose to activate the trigeminal parasympathetic pathway, which stimulates the glands and cells responsible for producing natural tear film. This mechanism helps the body increase its own basal tear production. In clinical trials involving over 1,000 patients, approximately half of those treated with TYRVAYA demonstrated a significant increase in tear production compared to control groups. The most common side effect reported was sneezing. The product is supplied in cartons of two multi-dose spray bottles, providing a 30-day supply. Following its acquisition, Oyster Point Pharma now forms the foundation of Viatris's new ophthalmology franchise, with Jeffrey Nau leading the division.

Keywords: Oyster Point Pharmaceuticals, Viatris, TYRVAYA, varenicline solution, dry eye disease, ophthalmic therapies, biopharmaceutical, Jeffrey Nau, Michael Ackermann, nasal spray, trigeminal parasympathetic pathway, tear film, cholinergic agonist, FDA approval, ocular surface disease, commercial-stage, pharmaceutical development, ophthalmology franchise, eye care, Lucentis, neurotrophic keratopathy