Core Viewpoint - Opus Genetics, Inc. has announced a public offering and private placement to raise approximately $21 million for its gene therapy programs targeting inherited retinal diseases [1][3][4]. Group 1: Offering Details - The public offering consists of 21,052,631 shares of common stock and warrants at a price of $0.95, potentially generating gross proceeds of $20 million [5]. - The concurrent private placement includes 1,176,471 shares of common stock and warrants at an offering price of $1.275, with gross proceeds of $1.5 million [6]. - The total potential gross proceeds from both offerings, including warrants, could reach approximately $43 million [4]. Group 2: Use of Proceeds - The net proceeds from the offerings will be utilized to fund clinical development of the lead gene therapy programs, OPGx-LCA5 and OPGx-BEST1, as well as for general corporate purposes and working capital [3]. Group 3: Warrants and Conditions - Warrants issued in the public offering could provide up to $21.4 million in additional capital upon the release of OPGx-BEST1 DUO-1001 Cohort 1 data [4]. - The warrants from the public offering will be exercisable immediately and have an initial exercise price of $0.95, expiring five years from issuance [5]. - The private placement warrants will also be exercisable immediately, with an initial exercise price of $1.15, and similar expiration terms [6]. Group 4: Company Background - Opus Genetics is focused on developing gene therapies for inherited retinal diseases and other ophthalmic disorders, with a pipeline that includes investigational therapies for various genetic mutations [11]. - The company is currently evaluating its most advanced gene therapy program in a Phase 1/2 trial, with plans to initiate a Phase 1/2 study for BEST1 in 2025 [11].
Opus Genetics Announces Pricing of Public Offering and Concurrent Private Placement with Proceeds of Over $20 Million