The resulting company will operate under the name Opus Genetics and the Nasdaq ticker symbol (IRD)
RALEIGH, N.C., Oct. 25, 2024 /PRNewswire/ -- The RD Fund (Retinal Degeneration Fund) - the venture arm of the Foundation Fighting Blindness - announces the all-stock acquisition of Opus Genetics, Inc. "Opus" (private) by Ocuphire Pharma, Inc., (Nasdaq: OCUP) a clinical-stage ophthalmic biopharmaceutical company. The companies have combined under the name of Opus Genetics to create a transformative biotech company committed to being a leader in the development of gene therapies for the treatment of inherited retinal diseases (IRDs). The combined company is trading on the Nasdaq under the 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 Pennsylvania and Eric Pierce, MD, PhD, from Harvard and Massachusetts Eye and Ear.
"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 $915 million toward its mission of accelerating research for preventing, treating, and curing blindness caused by the spectrum of blinding retinal diseases including: retinitis pigmentosa, macular degeneration, and Usher syndrome. Visit FightingBlindness.org for more information.
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SOURCE Foundation Fighting Blindness
