Opus Genetics Awarded Non-Dilutive Funding from the RD Fund to Support Preclinical Development of OPGx-MERTK Program
- Secured $2 million in non-dilutive funding, preserving shareholder value
- Extended cash runway into second half of 2026
- Strategic partnership with RD Fund provides additional validation for the program
- Advancing treatment for an unmet medical need with no current approved therapies
- Program still in early preclinical stage with significant development risks
- Additional funding likely needed beyond 2026 for continued development
Insights
Opus secured $2M non-dilutive funding for MERTK gene therapy program, extending cash runway to H2 2026 while advancing preclinical development.
Opus Genetics has secured up to
The OPGx-MERTK program targets retinitis pigmentosa caused by mutations in the MERTK gene, a condition currently lacking approved treatments. The therapy is still in early preclinical stages, with this funding specifically earmarked to help advance toward IND-enabling studies - a critical regulatory milestone before human trials can begin.
The non-dilutive nature of this deal is particularly noteworthy as it preserves shareholder value while extending Opus's cash runway into the second half of 2026. For a clinical-stage biotech company, runway extension without equity dilution provides valuable operational flexibility and potentially strengthens their negotiating position for future partnerships.
This funding also validates Opus's scientific approach, as the RD Fund - led by industry veterans and supported by the Foundation Fighting Blindness - conducts thorough due diligence before investing. Their backing suggests confidence in both the scientific merit of Opus's gene therapy approach and the company's ability to execute its development plan.
RD Fund's investment validates Opus's MERTK gene therapy for untreated retinitis pigmentosa, reflecting confidence in their approach to inherited retinal diseases.
The RD Fund's financial commitment to Opus's OPGx-MERTK program has significant scientific implications for patients with MERTK-related retinitis pigmentosa. This rare form of inherited retinal disease leads to progressive vision loss and currently has no approved treatments, creating a substantial unmet medical need.
The MERTK gene encodes a receptor tyrosine kinase critical for photoreceptor outer segment phagocytosis by retinal pigment epithelium cells. When mutated, this leads to accumulation of photoreceptor debris and subsequent photoreceptor cell death. Gene replacement therapy represents a potentially curative approach by introducing functional copies of the MERTK gene.
What makes this program particularly promising is the involvement of renowned gene therapy pioneers Drs. Jean Bennett and Tomas Aleman. Dr. Bennett's work was foundational to the development of Luxturna, the first FDA-approved gene therapy for an inherited retinal disease. Their expertise significantly enhances the program's credibility and potential for success.
The advancement toward IND-enabling studies marks a crucial transition from basic research to translational medicine. These studies will evaluate safety, biodistribution, and preliminary efficacy data required by regulatory agencies before human trials can begin. While still preclinical, the program is making tangible progress toward addressing this devastating condition that progressively robs patients of their vision.
RESEARCH TRIANGLE PARK, N.C., June 23, 2025 (GLOBE NEWSWIRE) -- Opus Genetics, Inc. (Nasdaq: IRD), a clinical-stage ophthalmic biopharmaceutical company developing gene therapies for the treatment of inherited retinal diseases (IRDs) and small molecule therapies for other ophthalmic disorders, recently disclosed that the Retinal Degeneration Fund (RD Fund), the venture philanthropy arm of the Foundation Fighting Blindness, has entered into a funding agreement with Opus providing for up to
“This strategic funding enables us to advance the development of OPGx-MERTK, a promising program that aims to address a retinal degenerative condition with no currently approved therapies,” said George Magrath, M.D., CEO, Opus Genetics. “OPGx-MERTK is currently in preclinical development, and we expect this financial support will allow us to move this asset towards Investigational New Drug (IND) enabling studies. We are grateful to the Foundation Fighting Blindness and the RD Fund for their continued partnership as we work to bring meaningful treatments to patients suffering from vision-threatening conditions.”
“This investment reflects the power of combining venture philanthropy, industry collaboration, and cutting-edge science to deliver meaningful progress for patients,” said Rusty Kelley, Ph.D., managing director of the RD Fund. “Our alliance with Opus Genetics leverages the full strength of the Foundation Fighting Blindness community—our donors, mission, and team—alongside the proven expertise of Opus and gene therapy pioneers Drs. Jean Bennett and Tomas Aleman, to accelerate life-changing treatments.”
The RD Fund has played a pivotal role in advancing early-stage therapeutic innovation. This funding underscores its continued commitment to supporting high-impact programs for rare diseases and will help accelerate the preclinical studies required to advance regulatory filings for the OPGx-MERTK program, further strengthening Opus’ gene therapy pipeline for IRDs.
With the addition of this funding, based on current projections, Opus believes that its cash on hand will now be sufficient to fund operations into the second half of 2026.
About OPGx-MERTK
Mutations in the MERTK gene cause a rod-cone dystrophy with early macular atrophy, with retinitis pigmentosa being the most common phenotype. Opus is developing OPGx-MERTK as a modern adeno-associated virus (AAV) vector for the treatment of MERTK-associated IRD, which affects approximately 600 individuals in the U.S.
About Opus Genetics
Opus Genetics is a clinical-stage biopharmaceutical company developing gene and small molecule therapies for vision-threatening eye diseases. The company’s pipeline features adeno-associated virus (AAV)-based gene therapies targeting inherited retinal diseases including Leber congenital amaurosis (LCA), bestrophinopathy, and retinitis pigmentosa. Its lead candidate, OPGx-LCA5, is in a Phase 1/2 trial for LCA5-related mutations and has shown encouraging early results. Additional programs include OPGx-BEST1, a gene therapy targeting BEST1-related retinal degeneration and a Phase 3-ready small molecule therapy for diabetic retinopathy, developed under a Special Protocol Assessment with the FDA. Opus is also advancing Phentolamine Ophthalmic Solution
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to us, our business prospects, and our results of operations and are subject to certain risks and uncertainties posed by many factors and events that could cause our actual business, prospects and results of operations to differ materially from those anticipated by such forward-looking statements. These forward-looking statements include statements related to the preclinical and future clinical development of OPGx-MERTK and our expected cash runway. Factors that could cause or contribute to such differences include, but are not limited to, those described under the heading “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our other filings with the U.S. Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. These forward-looking statements are based upon our current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “aim,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. We undertake no obligation to revise any forward-looking statements in order to reflect events or circumstances that might subsequently arise. All forward-looking statements contained in this press release speak only as of the date on which they were made.
Contacts:
Investor Relations
Jenny Kobin
Remy Bernarda
ir@opusgtx.com
(678) 430-8206
Media
Kimberly Ha
KKH Advisors
917-291-5744
Kimberly.ha@kkhadvisors.com
Source: Opus Genetics, Inc.
FAQ
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