The RD Fund Announces Ocuphire Pharma's Acquisition of Opus Genetics
Rhea-AI Summary
The RD Fund announces the acquisition of Opus Genetics by Ocuphire Pharma (Nasdaq: OCUP) in an all-stock transaction. The combined company will operate as Opus Genetics under the new Nasdaq ticker symbol 'IRD', focusing on gene therapies for inherited retinal diseases (IRDs). Opus, launched by RD Fund in 2021, has shown promising results with its OPGx-LCA5 Phase 1/2 trial, demonstrating safety and visual improvement in early onset retinal degeneration at 6-month data. This acquisition marks the first RD Fund portfolio company to enter public markets, validating their venture philanthropy model.
Positive
- Successful Phase 1/2 trial results for OPGx-LCA5 showing safety and visual improvement
- Strategic access to public markets through Nasdaq listing
- Validation of venture philanthropy model making assets more attractive to investors
Negative
- Company faced significant biotech downturn during development phase
Insights
This merger represents a significant strategic shift in the inherited retinal disease (IRD) space. The combination of Ocuphire's public market presence with Opus's gene therapy pipeline creates a focused entity in the IRD market. The deal structure as an all-stock transaction and subsequent rebranding to Opus Genetics with a new ticker (IRD) signals a complete strategic pivot for Ocuphire.
Key value drivers include:
- OPGx-LCA5's Phase 1/2 trial showing early positive safety and efficacy data
- Access to public markets for the combined entity
- Retention of experienced leadership team with deep ophthalmology expertise
The merger strategically positions the combined entity in the growing inherited retinal disease market. The early clinical success of OPGx-LCA5 provides important validation of the platform, while the experienced management team increases execution confidence. The transaction structure preserves capital while providing Opus access to public markets, critical for funding future clinical development.
The retention of key scientific founders and executives, including Jean Bennett and Ben Yerxa, provides valuable continuity. Their expertise in ophthalmic drug development will be important for advancing the broader pipeline. This deal represents a significant consolidation in the specialized IRD treatment space, potentially accelerating the development of genetic medicines for these rare conditions.
The resulting company will operate under the name Opus Genetics and the Nasdaq ticker symbol (IRD)
The RD Fund launched Opus in the fall of 2021 to develop gene therapies for the treatment of inherited retinal diseases (IRDs). The RD Fund led the seed financing for Opus as the first internally conceived spinout of the Fund to further the Foundation's mission. With the full support of the Foundation's and Fund's Board of Directors, the company was co-founded and initially managed by Ben Yerxa, PhD, Rusty Kelley, PhD, Peter Ginsberg, and Jason Menzo along with its scientific founders, Jean Bennett, MD, PhD and Junwei Sun from the University of
"The initial seed funding allowed Opus to build a pipeline of early-stage preclinical assets, including advancing OPGx-LCA5 into a Phase 1/2 trial where 6-month data demonstrated safety and visual improvement in early onset retinal degeneration," said Rusty Kelley, managing director of the RD fund and a founding director of the company. "We thank our major donors, including those that enabled project-based funding from the Foundation Fighting Blindness, for helping us advance Opus's pipeline while weathering a significant biotech downturn," added Jason Menzo, Opus co-founder and CEO of the Foundation Fighting Blindness.
The acquisition of Opus by Ocuphire is a key milestone as it represents the first RD Fund portfolio company to enter the public markets. The milestone further validates the venture philanthropy model of derisking assets - making them more attractive to institutional investors and the public markets. "That a highly skilled and experienced team - including former Opus executives and directors Ben Yerxa, Jean Bennett, and Adrienne Graves - will advance the Opus portfolio with a commitment to being a leader in developing genetic medicines for the treatment of IRDs accelerated our approval of the transaction," said Kelley.
About the RD Fund
The RD Fund (Retinal Degeneration Fund), the venture investment arm of the Foundation Fighting Blindness, has a dual mission: accelerate the approval of therapies for retinal diseases and provide alternative revenue sources to further the Foundation's mission. Established in 2018, the RD Fund prioritizes investments in companies around the globe developing therapies that are close to clinical testing. For more information, visit RDFund.org.
About the Foundation Fighting Blindness
Established in 1971, the Foundation Fighting Blindness is the world's leading private funding source for retinal degenerative disease research. The Foundation has raised more than
Media Contact:
Chris Adams
410-423-0585
CAdams@FightingBlindness.org
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SOURCE Foundation Fighting Blindness
FAQ
What is the new ticker symbol for Opus Genetics after the Ocuphire Pharma (OCUP) acquisition?
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