Opus Genetics completes $3.5 million private placement of common stock

Opus Genetics, Inc. (NASDAQ:IRD), currently valued at approximately $69 million in market capitalization, announced Monday that it has completed a private placement of its common stock, raising approximately $3.5 million in gross proceeds. The transaction involved the sale of 3,138,338 shares of common stock at $1.15 per share to a group of investors through subscription agreements.

According to a statement in the company’s SEC filing, the private placement was led by Cam Gallagher, chair of the board of directors, who invested $1.0 million. Sean Ainsworth, the lead independent director, also participated, along with other investors. No underwriting discounts or commissions were paid in connection with the offering.

The shares were issued in reliance on exemptions from registration under Section 4(a)(2) of the Securities Act of 1933 and Regulation D. The private placement closed Monday.

Opus Genetics stated in the filing that it intends to use the net proceeds to expedite manufacturing process development, including scaling up clinical and commercial production and testing, to ensure sufficient supply of cGMP material for its gene therapy candidates OPGx-LCA5 and OPGx-BEST1.

Opus Genetics is based in Durham, North Carolina, and its common stock is listed on The Nasdaq Stock Market LLC under the ticker IRD. The information in this article is based on a statement in the company’s press release filed with the Securities and Exchange Commission.

In other recent news, Opus Genetics announced that its Phase 3 VEGA-3 trial for Phentolamine Ophthalmic Solution 0.75% met the primary endpoint in treating presbyopia. The trial results showed that 27.2% of patients experienced significant improvement in near vision, compared to 11.5% on placebo. Additionally, the U.S. FDA has accepted Opus Genetics’ Investigational New Drug application for OPGx-BEST1, a gene therapy targeting BEST1-related inherited retinal disease. The company plans to start a Phase 1/2 clinical trial in the latter half of 2025.

In other developments, H.C. Wainwright reiterated its Buy rating with an $8.00 price target for Opus Genetics, following a strategic partnership with the Global RDH12 Alliance. This partnership includes up to $1.6 million in funding for the OPGx-RDH12 program. Furthermore, Lucid Capital Markets initiated coverage with a buy rating and a $5.00 price target, noting promising advancements in the company’s gene therapy pipeline.

On the corporate side, Opus Genetics announced the departure of CFO Nirav Jhaveri, with Amy Rabourn stepping in as interim principal financial officer. The company clarified that Jhaveri’s departure was not due to any disagreements over accounting or financial reporting.

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