Ophthalmic Biopharmaceutical Ocuphire Pharma Shifts Focus To Gene Therapy Through Opus Genetics Stock Deal

Core Viewpoint - Ocuphire Pharma, Inc. has announced an all-stock acquisition of Opus Genetics, creating a biotech company focused on gene therapies for inherited retinal diseases (IRDs) [1] Company Overview - The combined entity will be renamed Opus Genetics, effective October 23, 2024, and will trade on Nasdaq under the ticker "IRD" starting October 24, 2024 [1] - The merger expands the pipeline to include multiple assets from an adeno-associated virus (AAV)-based gene therapy portfolio for IRDs and Phentolamine Ophthalmic Solution 0.75% for presbyopia and dim light vision disturbances [1] Clinical Development - Ocuphire will seek a partner to advance the clinical development of APX3330 for non-proliferative diabetic retinopathy, redirecting resources to the acquired gene therapy programs [2] - The most advanced gene therapy candidate, OPGx-LCA5, is in an ongoing open-label, dose-escalation Phase 1/2 trial for LCA5, showing early clinical proof-of-concept with visual improvement in all three adult patients [2] - Enrollment of the first pediatric patients in the Phase 1/2 trial is expected in Q1 2025, with initial data anticipated in the same quarter [2] - The expected cash runway for the combined company has been extended into 2026 [2] Share Issuance and Ownership - Ocuphire issued 5.2 million shares and 14.1 thousand shares of convertible preferred stock, resulting in Ocuphire owning approximately 58% and Opus Genetics owning approximately 42% of the combined company [3] - Following the announcement, OCUP stock experienced a decline of 13.5%, trading at $1.15 [3]