Ocuphire Pharma Inc., a clinical-stage pharmaceutical company focused on the developing therapies for ophthalmic disorders, has closed on more than $5 million of financing.
Investors include RBI Opportunities Fund, Belle Capital Fund, Grand Angels Fund, First Capital Fund, Michigan Angel Fund, Biosciences Research and Commercialization Center, Ann Arbor Angels, Woodward Angels, Kalamazoo Angels, BlueWater Angels and other individual and institutional investors. Proceeds of the offering are expected to be used to fund multiple clinical trials of its lead drug candidate, Nyxol.
Ocuphire's Nyxol is a novel eye drop treatment for multiple front-of-the-eye disorders, including night vision disturbances (NVD), glaucoma and reversal of mydriasis. The company is also exploring a fixed-dose combination of Nyxol for the treatment of presbyopia.
The drug was originally invented by Dr. Gerald Horn, an ophthalmologist and laser vision specialist in Chicago. Since acquiring the Nyxol asset in 2018, Ocuphire has built out its management, board, clinical and manufacturing partners, and medical advisory board.
Ocuphire is enrolling patients for double-masked, randomized, placebo-controlled Phase 2 trials in both glaucoma (ORION-1) and reversal of mydriasis (MIRA-1) at multiple sites in the United States. Clinical results from both ORION-1 and MIRA-1 trials are expected later this year. Ocuphire is also preparing for its Phase 3 study of Nyxol in NVD (LYNX-1).
“As of mid-July, we are pleased to report that we have successfully enrolled more than 50% of the 40 patients in our ORION-1 glaucoma trial,” Sooch said in a statement. “We are excited about the potential to improve eye health and vision quality for millions of people around the world, particularly meeting the unmet needs of those with progressive, age-related ocular diseases. We are passionate about building Ocuphire into a leading ophthalmic company and adding novel ophthalmic drug candidates to our portfolio.”
