Core Viewpoint - Opus Genetics, a clinical-stage biopharmaceutical company, has announced a private placement of 7,374,632 shares of Series B Non-Voting Convertible Preferred Stock at a price of $3.39 per share, aiming to raise approximately $25 million to fund its gene therapy programs and general corporate purposes [1][2]. Group 1: Private Placement Details - The private placement involves the issuance of 7,374,632 shares of Series B Non-Voting Convertible Preferred Stock, which will convert into common stock upon stockholder approval [1]. - The gross proceeds from the private placement are expected to be $25 million before deducting offering expenses [1]. - The financing is led by Adage Capital Management, with participation from Trails Edge Capital Partners and Marshall Wace [1]. Group 2: Use of Proceeds - The net proceeds from the private placement will be utilized to advance gene therapy clinical programs, as well as for working capital and general corporate purposes [2]. - The company anticipates that its pro forma cash balance of $70 million at year-end 2025 will fund operations into the first half of 2028, excluding potential proceeds from callable warrants or future milestone payments [2]. Group 3: Closing and Legal Aspects - The offering is expected to close on February 18, 2026, subject to customary closing conditions [3]. - Sidley Austin LLP is serving as counsel to Opus Genetics for this transaction, and the company did not use a placement agent [3]. - The shares issued in the private placement have not been registered under the Securities Act and may not be offered or sold in the U.S. without proper registration or exemption [4]. Group 4: Company Overview - Opus Genetics is focused on developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases (IRDs) [6]. - The company is working on seven AAV-based programs targeting various genetic causes of severe retinal disorders, including OPGx-LCA5 and OPGx-BEST1 [6]. - Additionally, Opus Genetics is advancing Phentolamine Ophthalmic Solution 0.75% for pharmacologically induced mydriasis, with potential applications in presbyopia and low-light visual disturbances [6].
Opus Genetics Announces $25 Million Private Placement