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Opus Genetics, Inc. (IRD), a pharmaceutical company with a market capitalization of $36.3 million, announced significant changes to its corporate governance and legal actions to protect its intellectual property. According to InvestingPro data, the company has demonstrated strong recent performance with a 23.66% return over the past week. On Wednesday, the company’s board of directors adopted amended and restated bylaws to enhance stockholders’ rights, effective immediately. These changes include the elimination of most procedural requirements for stockholders to act by written consent, allowing holders of 20% of the shares to call a special meeting, and reducing the threshold for stockholders to remove directors or amend the bylaws from 66 2/3% to a simple majority.
In addition to the bylaw amendments, Opus Genetics has taken legal action to enforce its patent rights. The company, in collaboration with FamyGen Life Sciences, Inc., filed a complaint for patent infringement against Sandoz (SIX:SDZ) Inc. in the District of New Jersey on March 14. This lawsuit is in response to Sandoz’s attempt to market a generic version of Opus Genetics’ drug RYZUMVI™ before the expiration of its patents. The company seeks to prevent Sandoz from infringing on the RYZUMVI™ patents and intends to vigorously defend its intellectual property.
These corporate governance enhancements and the defense of the company’s patent portfolio are part of Opus Genetics’ ongoing efforts to align with shareholder interests and secure its commercial interests. The company maintains a strong liquidity position with a current ratio of 6.63, indicating robust short-term financial health. The detailed text of the amended bylaws is attached to the SEC filing as Exhibit 3.1. For deeper insights into IRD’s financial health metrics and more exclusive analysis, consider subscribing to InvestingPro.
Opus Genetics, previously known as Ocuphire Pharma, Inc., and before that as REXAHN PHARMACEUTICALS, INC., is headquartered in Durham, NC, and trades on The Nasdaq Stock Market LLC under the ticker symbol IRD. According to InvestingPro analysis, the stock appears to be trading below its Fair Value, presenting a potential opportunity for investors. The information contained in this article is based on a press release statement and InvestingPro data.
In other recent news, Opus Genetics has completed enrollment for its VEGA-3 Phase 3 trial, focusing on Phentolamine Ophthalmic Solution 0.75% for treating presbyopia. The FDA has granted Fast Track designation for this solution, aiming to expedite its development and review. Opus Genetics also faces a patent challenge from Sandoz, which filed an Abbreviated New Drug Application to produce a generic version of RYZUMVI™, challenging the validity of six patents held by Opus Genetics. In response, Opus Genetics may consider legal action to defend its intellectual property.
Additionally, Opus Genetics has dosed the first pediatric patient in a Phase 1/2 clinical trial of OPGx-LCA5, targeting Leber congenital amaurosis, with initial data expected by the third quarter of 2025. The company has also revised executive compensation agreements, enhancing severance terms for CEO Dr. George Magrath and CFO Nirav Jhaveri. Furthermore, Opus Genetics has granted stock options to new employees, aligning with Nasdaq Listing Rule 5635(c)(4).
These developments reflect the company’s ongoing efforts in clinical trials and corporate governance.
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