Ocuphire Pharma, Inc. - OCUP STOCK NEWS

Ocuphire Pharma has appointed Dr. Jay S. Pepose to its Board of Directors during the annual meeting held on June 7, 2021. Dr. Pepose, a highly regarded expert in ophthalmology with nearly 40 years of experience, has been involved with Ocuphire as a member of its Medical Advisory Board. His expertise is expected to enhance the company's drug development and regulatory strategies, especially as Ocuphire anticipates key data readouts for its lead candidates, Nyxol and APX3330, in the upcoming years. Former Board member Alan Meyer has retired after contributing significantly since 2018.

Ocuphire Pharma, Inc. (Nasdaq: OCUP) announced a securities purchase agreement with institutional investors for 3,076,923 shares of common stock and warrants to purchase 1,538,461 shares at a combined price of $4.875 per share and 0.5 warrant. The offering is expected to close around June 8, 2021, pending customary conditions. The warrants, with an exercise price of $6.09, will be exercisable upon issuance and expire in five years. A.G.P./Alliance Global Partners is the sole placement agent for this offering, conducted under an effective shelf registration statement.

Ocuphire Pharma (NASDAQ: OCUP) hosted a webinar on May 26, 2021, to discuss promising data from the Phase 3 MIRA-2 trial of Nyxol, aimed at reversing pharmacologically induced mydriasis. The event featured three key opinion leaders from eye care, discussing the high unmet need for such treatment and the positive results of Nyxol in meeting primary and secondary endpoints. With approximately 100 million dilations performed annually in the U.S., Nyxol presents a vital solution for patient comfort. The KOLs also addressed commercialization plans following NDA submission.

Ocuphire Pharma announced the grant of two new patents for its product Nyxol, extending patent protection until 2039 for presbyopia treatment and 2034 for daily administration. The patents solidify Ocuphire's rights to Nyxol in multiple global markets, enhancing its competitive position. The patents support ongoing clinical trials, including the VEGA-1 Phase 2 trial for presbyopia, expected to yield top-line results by the end of June. The company boasts a robust patent estate with multiple issued and pending applications across various countries.

Ocuphire Pharma (NASDAQ: OCUP) has completed enrollment in the VEGA-1 Phase 2 clinical trial for Nyxol, a potential treatment for presbyopia, recruiting 150 subjects in under three months. The trial aims to evaluate the safety and efficacy of Nyxol combined with low-dose pilocarpine. Top-line results are anticipated by the end of Q2 2021. Presbyopia affects approximately 120 million Americans, highlighting a significant market opportunity, estimated at over $5 billion in the U.S. alone. This development follows recent positive Phase 3 results for Nyxol in treating mydriasis.

Ocuphire Pharma reported positive results from its pivotal Phase 3 MIRA-2 trial of Nyxol eye drops for the reversal of mydriasis, setting the stage for NDA submission. The company initiated four clinical trials in Q1 2021 and is actively enrolling patients for its second candidate, APX3330, targeting diabetic retinopathy. Financially, Ocuphire reported a GAAP net loss of $39 million for Q1 2021, a significant increase from the previous year due to heightened R&D and operational expenses. The company had approximately $10.6 million in cash as of March 31, 2021, indicating a focus on advancing its clinical programs.

Ocuphire Pharma announced promising pre-clinical results for its oral drug candidate APX3330, which demonstrated effectiveness in reducing laser-induced choroidal neovascularization in mouse models. Data from a physiological-based pharmacokinetic (PBPK) model supports its dosing strategy for the ongoing ZETA-1 Phase 2 trial targeting diabetic retinopathy and diabetic macular edema. The findings will be presented at the upcoming ARVO Annual Meeting on May 2, 2021, highlighting the potential of APX3330 as an oral treatment option for patients.

Ocuphire Pharma, a clinical-stage ophthalmic biopharmaceutical company, announced the initiation of the ZETA-1 Phase 2 trial for APX3330, an oral treatment for diabetic retinopathy (DR). The trial aims to assess efficacy and safety over 24 weeks, enrolling approximately 100 patients. Diabetic retinopathy is a leading cause of adult blindness, affecting over 7 million individuals in the U.S. alone. APX3330 targets both angiogenesis and inflammation pathways and has shown a favorable safety profile in prior studies. Top-line results are expected in early 2022.

Ocuphire Pharma (Nasdaq: OCUP) announced an equity award for Erik Sims as a material inducement for his position as Controller, effective April 1, 2021. The Compensation Committee approved an award of options to purchase 38,000 shares at an exercise price of $6.38 per share, aligning with the stock's closing price on the grant date. The options will vest over four years, with terms contingent on continued employment. Ocuphire focuses on developing therapies for eye disorders, including its lead candidate, Nyxol, which is progressing through clinical trials for various indications.