Ocuphire Pharma Acquires Opus Genetics, Expanding into Inherited Retinal Disease Gene Therapies

Merger Details:
Ocuphire Pharma has acquired Opus Genetics in an all-stock deal, creating a new entity named Opus Genetics Inc., which will trade on the NASDAQ exchange under the ticker symbol "IRD" starting October 24, 2024.

Leadership:
George Magrath, MD, will continue as CEO, and Ben Yerxa, PhD, will serve as President of the newly formed company.

Pipeline:
The combined company will focus on developing gene therapies for IRDs, including OPGx-LCA5 for Leber congenital amaurosis 5 (LCA5) and BEST1 gene therapy for Best disease and retinitis pigmentosa (RP).

Clinical Trials:
The company has reported promising six-month data from the OPGx-LCA5 Phase 1/2 trial, showing safety and visual improvements in early-onset retinal degeneration patients. Additional trials, including the LYNX-2 and VEGA-3 Phase 3 trials for presbyopia and dim light vision disturbances, are ongoing.

Financial Projections:
The combined company expects an extended cash runway into 2026, with several clinical milestones anticipated in 2025.

Strategic Shift:
Ocuphire Pharma is shifting its focus towards gene therapy for IRDs, leveraging Opus Genetics' expertise and pipeline to accelerate the development of transformative treatments.

Ownership Structure:
Post-merger, Ocuphire's pre-acquisition stockholders will own approximately 58% of the combined company, while Opus Genetics' stockholders will own around 42%.

Regulatory and Development Expertise:
The merger combines Ocuphire's late-stage ophthalmic drug development and regulatory approval experience with Opus Genetics' gene therapy expertise, positioning the company to lead in the IRD treatment market.