Ocuphire Pharma Acquires Opus Genetics, Will Operate Under Opus Name

Ocuphire Pharma announced Oct. 22 that it would acquire Opus Genetics in an all-stock transaction.

The combined company will operate under the Opus name and will trade on the Nasdaq under the ticker symbol “IRD,” for inherited retinal disease. Under the deal, existing shareholders of Ocuphire will hold 58 percent of the shares in the combined company, while current Opus shareholders will hold 42 percent.

Opus was based in the Research Triangle area of North Carolina, but a spokeswoman said the combined company will operate out of Ocuphire’s base in Farmington Hills, Michigan. Ocuphire Chief Executive Officer George Magrath, MD, an ophthalmologist trained in ocular cancer and medical retina, will be CEO of the combined company. Gene therapy pioneer Jean Bennett, MD, PhD, will remain on Opus’ board.

Opus’ lead candidate is OPGx-LCA5, a gene therapy candidate for Leber congenital amaurosis (LCA) resulting from biallelic mutations in the LCA5 gene. Six-month data from a Phase I/II trial of OPGx-LCA5 demonstrated visual improvement in three out of three adult patients.

Enrollment of the first pediatric patients is expected in Q1-2025. The candidate has been granted rare pediatric and orphan drug designation by the US FDA. If a biologics license application for OPGx-LCA5 is approved by the FDA, Opus could be eligible to receive a priority review voucher that can be redeemed, sold, or transferred. Priority review vouchers have commanded prices in excess of $100 million.

Ocuphire developed Ryzumvi (phentolamine ophthalmic solution) 0.75%, which gained US FDA approval in September 2023 for the reversal of pharmacologically induced mydriasis. Ryzumvi was launched in April 2024 by Ocuphire’s commercial partner, Viatris.

The eye drop is also under development for presbyopia and for patients who have trouble seeing in low light after keratorefractive surgery. Phase III trials in both indications are ongoing, with topline data expected in the first half of 2025.

Opus said it would seek a strategic partner to advance APX3330, an oral small-molecule inhibitor of Ref-1 for the treatment of non-proliferative diabetic retinopathy.