EyeGate Pharmaceuticals, Inc. (NasdaqCM:EYEG) signs non-binding letter of intent to acquire Yellowbrick Bio LLC (Bayon) from Brian M. Strem, Eric J. Daniels and others for $7.3 million on July 22, 2021. EyeGate Pharmaceuticals, Inc. entered into a stock purchase agreement to acquire Yellowbrick Bio LLC from Brian M. Strem, Eric J. Daniels and others on October 21, 2021. The consideration paid by the EyeGate Pharmaceuticals to the Brian M. Strem, Eric J. Daniels and others at closing in connection with the acquisition, after adjustment as provided in the purchase agreement, was comprised of 33,798 shares of the EyeGate Pharmaceuticals's common stock. At the closing, the EyeGate Pharmaceuticals paid cash in the amount of $0.097 million to certain sellers and creditors, which includes indebtedness of Bayon to certain Sellers equal to approximately $57,479. In addition to the consideration set forth above, the Brian M. Strem, Eric J. Daniels and others are eligible to receive up to $7.1 million in additional payments based on clinical trial and FDA approval milestones for Bayon's product candidates, as set forth in the purchase agreement. Milestone payments, which we may elect to pay in cash or in shares. Yellowbrick Bio will become a wholly owned subsidiary of EyeGate Pharmaceuticals. Brian M. Strem will receive a portion of the consideration equal to his percentage ownership in Bayon. Bayon had cash of $0.003910 million. As of July 22, 2021, the Board of Directors of EyeGate Pharmaceuticals appointed Brian M. Strem as President and Chief Executive Officer of the Company, effective as of July 26, 2021. The transaction is subject to Lock up agreements. Further terms of the proposed transaction will be provided by upon EyeGate and Bayon entering into a definitive agreement for the transaction.

Jonathan E. Soneff of Law Office of Jonathan E. Soneff acted as legal advisor to Brian M. Strem, Eric J. Daniels and others. Robert A. Petitt of Burns & Levinson LLP acted as legal advisor to EyeGate Pharmaceuticals.