FDA approves first ever nasal spray to treat dry eye disease

Oyster Point Pharma (Nasdaq: OYST) saw its shares gain almost 12% to $15.30 pre-market today, as it revealed that the US the Food and Drug Administration has approved Tyrvava (varenicline solution) Nasal Spray 0.03mg for the treatment of the signs and symptoms of dry eye disease.

Tyrvaya is the first and only nasal spray approved for the treatment of dry eye disease. The Nasal Spray is believed to bind to cholinergic receptors to activate the trigeminal parasympathetic pathway resulting in increased production of basal tear film as a treatment for dry eye disease.

Oyster Point Pharma is a commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class therapies to treat ophthalmic diseases. Tyrvaya is a nasal spray formulation of the drug varenicline, also used in Pfizer (NYSE: PFE) smoking cessation drug, Chantix.