Ocuphire Pharma Announces Acquisition of Opus Genetics

Core Insights - The acquisition of Opus Genetics by Ocuphire Pharma creates a leading clinical-stage company focused on gene therapy treatments for rare inherited retinal degenerations [1][2] - The combined company will be renamed Opus Genetics, Inc. and will trade under the ticker symbol "IRD" on Nasdaq starting October 24, 2024 [1][2] - The merger is expected to accelerate the development of a promising pipeline of gene therapies, with significant clinical milestones anticipated in 2025 [2][6] Company Overview - Ocuphire Pharma is a clinical-stage ophthalmic biopharmaceutical company developing therapies for retinal and refractive disorders, including adeno-associated virus (AAV)-based gene therapies [9] - The most advanced gene therapy candidate, OPGx-LCA5, is in a Phase 1/2 trial and has shown visual improvement in all three adult patients with late-stage disease [3][4] - The combined company will focus on multiple assets, including Phentolamine Ophthalmic Solution 0.75% for presbyopia and dim light disturbances [2][9] Clinical Development - The OPGx-LCA5 Phase 1/2 trial is ongoing, with pediatric patient enrollment expected in Q1 2025 and initial data anticipated in Q3 2025 [4][6] - The LYNX-2 Phase 3 trial for dim light disturbances and the VEGA-3 Phase 3 trial for presbyopia are on track for top-line data in Q1 and H1 2025, respectively [1][6] - The company plans to seek a strategic partner for the development of APX3330, an oral small-molecule inhibitor for non-proliferative diabetic retinopathy [1][2] Financial Aspects - The acquisition involved the issuance of 5.2 million shares of common stock and 14.1 thousand shares of convertible preferred stock to Opus Genetics' stockholders [7] - Following the acquisition, pre-acquisition stockholders of Ocuphire will own approximately 58% and those of Opus Genetics will own about 42% of the combined company's fully diluted capitalization [7] - The expected cash runway for the combined company has been extended into 2026, allowing for continued clinical development [6]