Get inside Wall Avenue with StreetInsider Premium. Declare your 1-week free trial here.
FARMINGTON HILLS, Mich., June 08, 2021 (GLOBE NEWSWIRE) — Ocuphire Pharma, Inc. (Nasdaq: OCUP), a clinical-stage ophthalmic biopharmaceutical firm targeted on improvement and commercialization of therapies for the therapy of a number of eye problems, introduced at the moment the closing of its beforehand introduced registered direct providing of three,076,923 shares of the Firm’s frequent inventory (the “Shares”) and warrants to buy 1,538,461 shares of the Firm’s frequent inventory (the “Warrants”, and along with the Shares, the “Securities”) at a mixed buy worth of $4.875 per one Share and 0.5 Warrant in an providing priced at-the-market below Nasdaq guidelines. The Warrants have an train worth of $6.09 per share, will likely be exercisable on issuance date, and can expire 5 years following the issuance date. Gross proceeds from the providing have been roughly $15 million, earlier than deducting placement agent charges and different providing bills payable by the Firm.
Lincoln Park Capital Fund, LLC was the lead investor within the providing. Extra traders taking part within the providing included Ayrton Capital, District 2 Capital Fund LP, Altium Capital, and different new and current institutional healthcare traders.
A.G.P./Alliance World Companions acted as sole placement agent for the providing.
The Firm intends to make use of the web proceeds from the providing to cowl medical (2nd Section 3 trial and pediatric trial), manufacturing (together with industrial batches), and regulatory prices related to the submission of a New Drug Utility for Nyxol® for the reversal of pharmacologically-induced mydriasis, in addition to for working capital and basic company functions. The Firm expects that this providing mixed with money readily available will fund operations till late 2022.
This providing was made pursuant to an efficient shelf registration assertion on Type S-3 (File No. 333-252715) beforehand filed with the U.S. Securities and Change Fee (the “SEC”). A remaining prospectus complement describing the phrases of the proposed providing has been filed with the SEC and is on the market on the SEC’s web site positioned at http://www.sec.gov. Digital copies of the prospectus complement could also be obtained from A.G.P./Alliance World Companions, 590 Madison Avenue, twenty eighth Flooring, New York, NY 10022, or by phone at (212) 624-2060, or by e mail at firstname.lastname@example.org.
This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase nor shall there be any sale of those securities in any state or jurisdiction by which such supply, solicitation or sale can be illegal previous to registration or qualification below the securities legal guidelines of any such state or jurisdiction.
About Ocuphire Pharma
Ocuphire is a publicly traded (NASDAQ: OCUP), clinical-stage ophthalmic biopharmaceutical firm targeted on growing and commercializing therapies for the therapy of a number of eye problems. Ocuphire’s pipeline presently contains two small-molecule product candidates focusing on back and front of the attention indications. The corporate’s lead product candidate, Nyxol® (0.75% phentolamine ophthalmic answer) Eye Drops, is a once-daily preservative-free eye drop formulation of phentolamine mesylate, a non-selective alpha-1 and alpha-2 adrenergic antagonist designed to cut back pupil dimension, and is being developed for a number of indications, together with dim gentle or night time imaginative and prescient disturbances (“NVD”), reversal of pharmacologically-induced mydriasis (“RM”), and presbyopia, and has been studied in 8 medical trials together with the just lately accomplished Section 3 trial in RM. Ocuphire reported constructive topline knowledge in March 2021 for MIRA-2, a Section 3 FDA registration examine for therapy of RM. Nyxol can also be presently in Section 3 medical improvement for NVD and in Section 2 for presbyopia. Ocuphire’s second product candidate, APX3330, is an oral pill designed to inhibit angiogenesis and irritation pathways related to retinal and choroidal vascular illnesses, akin to diabetic retinopathy (“DR”) and diabetic macular edema (“DME”) and has been studied in 11 Section 1 and a couple of trials. APX3330 is presently enrolling topics in a Section 2 medical trial in topics with DR/DME. As a part of its technique, Ocuphire will proceed to discover alternatives to accumulate further ophthalmic property and to hunt strategic companions for late-stage improvement, regulatory preparation, and commercialization of medication in key world markets. Please go to www.clinicaltrials.gov to be taught extra about Ocuphire’s accomplished Section 2 trials, just lately accomplished Section 3 registration trial (NCT04620213), ongoing Section 3 registration trial (NCT04638660), Section 2 trial in presbyopia (NCT04675151), and Section 2 trial in DR/DME (NCT04692688). For extra info, please go to www.ocuphire.com.
Ahead Wanting Statements
Statements contained on this press launch relating to issues that aren’t historic info are “forward-looking statements” inside the which means of the Non-public Securities Litigation Reform Act of 1995. Such statements embrace, however are usually not restricted to, statements regarding using proceeds from the providing, Ocuphire’s product candidates, outcomes of ongoing and future medical trials, and commercialization and market alternatives. These forward-looking statements are based mostly upon Ocuphire’s present expectations and contain assumptions which will by no means materialize or could show to be incorrect. Precise outcomes and the timing of occasions might differ materially from these anticipated in such forward-looking statements because of varied dangers and uncertainties, together with, with out limitation: (i) the success and timing of regulatory submissions and pre-clinical and medical trials, together with enrollment and knowledge readouts; (ii) regulatory necessities or developments; (iii) adjustments to medical trial designs and regulatory pathways; (iv) adjustments in capital useful resource necessities; (v) dangers associated to the lack of Ocuphire to acquire ample further capital to proceed to advance its product candidates and its preclinical packages; (vi) legislative, regulatory, political and financial developments, (vii) adjustments in market alternatives, (viii) the results of COVID-19 on medical packages and enterprise operations, (ix) the success and timing of commercialization of any of Ocuphire’s product candidates and (x) the upkeep of Ocuphire’s mental property rights. The foregoing evaluation of vital elements that would trigger precise occasions to vary from expectations shouldn’t be construed as exhaustive and must be learn along with statements which can be included herein and elsewhere, together with the chance elements detailed in paperwork which have been and could also be filed by Ocuphire every now and then with the SEC. All forward-looking statements contained on this press launch converse solely as of the date on which they have been made. Ocuphire undertakes no obligation to replace such statements to mirror occasions that happen or circumstances that exist after the date on which they have been made.
Corey Davis, Ph.D.LifeSci Advisorscdavis@lifesciadvisors.com
Supply: Ocuphire Pharma