Ocuphire Announces $15 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
June 04 2021 - 9:04AM
Ocuphire Pharma, Inc. (Nasdaq: OCUP), a clinical-stage ophthalmic
biopharmaceutical company focused on developing and commercializing
therapies for the treatment of several eye disorders, today
announced it has entered into a securities purchase agreement with
institutional investors for the purchase and sale of 3,076,923
shares of the Company’s common stock (the “Shares”) and warrants to
purchase 1,538,461 shares of the Company’s common stock (the
“Warrants”, and together with the Shares, the “Securities”) at a
combined purchase price of $4.875 per one Share and 0.5 Warrant in
a registered direct offering priced at-the-market under Nasdaq
rules. The Warrants will have an exercise price of $6.09 per share,
will be exercisable on issuance date, and will expire five years
following the issuance date. The closing of the offering is
expected to occur on or about June 8, 2021, subject to the
satisfaction of customary closing conditions.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-252715) previously
filed with the U.S. Securities and Exchange Commission (the
“SEC”). A prospectus supplement describing the
terms of the proposed offering will be filed with the SEC and will
be available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the prospectus supplement may be obtained,
when available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, NY 10022, or by telephone at (212)
624-2060, or by email at prospectus@allianceg.com. Before investing
in this offering, interested parties should read in their entirety
the prospectus supplement and the accompanying prospectus and the
other documents that the Company has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about the
Company and such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Ocuphire Pharma
Ocuphire is a publicly traded (NASDAQ: OCUP), clinical-stage
ophthalmic biopharmaceutical company focused on developing and
commercializing therapies for the treatment of several eye
disorders. Ocuphire’s pipeline currently includes two
small-molecule product candidates targeting front and back of the
eye indications. The company’s lead product candidate,
Nyxol® (0.75% phentolamine ophthalmic solution) 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 reduce pupil size, and is being developed for several
indications, including dim light or night vision disturbances
(NVD), reversal of pharmacologically-induced mydriasis (RM), and
presbyopia, and has been studied in 8 clinical trials including the
recently completed Phase 3 trial in RM. Ocuphire reported positive
topline data in March 2021 for MIRA-2, a Phase 3 FDA registration
study for treatment of RM. Nyxol is also currently in Phase 3
clinical development for NVD and in Phase 2 for presbyopia.
Ocuphire’s second product candidate, APX3330, is an oral tablet
designed to inhibit angiogenesis and inflammation pathways relevant
to retinal and choroidal vascular diseases, such as diabetic
retinopathy (DR) and diabetic macular edema (DME) and has been
studied in 11 Phase 1 and 2 trials. APX3330 is currently enrolling
subjects in a Phase 2 clinical trial in subjects with DR/DME. As
part of its strategy, Ocuphire will continue to explore
opportunities to acquire additional ophthalmic assets and to seek
strategic partners for late-stage development, regulatory
preparation, and commercialization of drugs in key global markets.
Please visit www.clinicaltrials.gov to learn more about Ocuphire’s
completed Phase 2 trials, recently completed Phase 3 registration
trial (NCT04620213), ongoing Phase 3 registration
trial (NCT04638660), Phase 2 trial in presbyopia
(NCT04675151), and Phase 2 trial in DR/DME (NCT04692688). For more
information, please visit www.ocuphire.com.
Forward Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements concerning the Company’s anticipated closing of the
offering. These forward-looking statements are based upon
Ocuphire’s current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Actual results and
the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of various risks and
uncertainties, including, without limitation: (i) the success and
timing of regulatory submissions and pre-clinical and clinical
trials, including enrollment and data readouts; (ii) regulatory
requirements or developments; (iii) changes to clinical trial
designs and regulatory pathways; (iv) changes in capital resource
requirements; (v) risks related to the inability of Ocuphire to
obtain sufficient additional capital to continue to advance its
product candidates and its preclinical programs; (vi) legislative,
regulatory, political and economic developments, (vii) changes in
market opportunities, (viii) the effects of COVID-19 on clinical
programs and business operations, (ix) the success and timing of
commercialization of any of Ocuphire’s product candidates and (x)
the maintenance of Ocuphire’s intellectual property rights. The
foregoing review of important factors that could cause actual
events to differ from expectations should not be construed as
exhaustive and should be read in conjunction with statements that
are included herein and elsewhere, including the risk factors
detailed in documents that have been and may be filed by Ocuphire
from time to time with the SEC. All forward-looking statements
contained in this press release speak only as of the date on which
they were made. Ocuphire undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made.
Ocuphire Contacts
Mina Sooch, President & CEO Ocuphire Pharma,
Inc. ir@ocuphire.com www.ocuphire.com
Corey Davis, Ph.D. LifeSci
Advisors cdavis@lifescieadvisors.com
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