NDA Submission for Nyxol for RM and Initiation of VEGA-2 on Track for Q4 2022
Topline Data from ZETA-1 Phase 2b Trial of Oral APX3330 Expected in Early 2023
“During the third quarter, Ocuphire continued to execute elements of our strategic plan to bring innovative treatments to patients with highly prevalent refractive and diabetic retinal diseases,” said
Key Anticipated Future Milestones
- Reversal of Mydriasis (RM): Plan to submit New Drug Application (NDA) with the FDA for Nyxol in RM indication in Q4 2022, with potential approval and commercial launch as first dilation reversal drop in 2023.
- Diabetic Retinopathy (DR) and Diabetic Macular Edema (DME): Plan to report top-line results from the ZETA-1 Phase 2b trial of APX3330 in early 2023. APX3330 is a novel oral therapy with a dual mechanism of action in validated pathways, decreasing both abnormal angiogenesis and inflammation.
- Presbyopia: Plan to initiate VEGA-2 Phase 3 trial in Q4 2022 investigating Nyxol alone and Nyxol with 0.4% low-dose pilocarpine (LDP) as adjunctive therapy. In addition, VEGA-3 (2nd Phase 3) and LYRA-1 (1-year safety) trials are planned to begin in 2023.
Third Quarter and Recent Business Highlights
Clinical and
- In September, the Company announced that the last of the 103 enrolled patients in the ZETA-1 Phase 2b trial of oral APX3330 for the treatment of diabetic retinopathy (DR) completed the final visit of the 24-week study.
- In September, the Company announced that
U.S. Food and Drug Administration (FDA) has granted a small-business waiver of the Prescription Drug User Fee Act (PDUFA) fee of$3.1 million for the 505(b)(2) NDA for Nyxol.
Presentations, Publications, and Conferences
- Year to date, Ocuphire was represented at multiple key ophthalmological conferences with updates on Nyxol in RM, presbyopia and night vision disturbances, as well as masked safety data for APX3330 in DR. In total, more than 25 papers, posters, and panel talks were presented over 20 medical and industry conferences. Highlights in October and early
November 2022 :Mitchell Jackson , MD presented a poster highlighting presbyopia data at theAmerican Academy of Ophthalmology Annual Meeting inChicago, IL. - Prominent optometry thought leaders and clinical trial investigators
Justin Schweitzer , OD,Mitch Ibach , OD, Leslie O’Dell, OD,Shane Foster , OD, Doug , Devries, OD andShane Kannarr , OD presented six posters on Nyxol and APX3330 at theAmerican Academy of Optometry Annual Meeting inSan Diego, CA. - The Company announced publication of an earlier Phase 2 clinical trial in patients with severe night vision disturbances in the BMC Ophthalmology peer-reviewed journal. The publication can be accessed here.
- In October, the Company held a Key Opinion Leader (KOL) webinar on oral APX3330. The event featured presentations by KOLs Peter Kaiser, MD, from the
Cleveland Clinic ,Caroline Baumal , MD, fromTufts Medical Center , andDavid Lally , MD, fromNew England Retina Consultants . KOL. The discussion highlighted the unmet need and current treatment landscape for DR/DME and included new data on study demographics and 24-week masked safety data from the ZETA-1 trial. A replay of the event can be found on the company’s corporate website here.
Corporate
- On
August 2, 2022 , Ocuphire was granted extended intellectual property protection for Nyxol with the issuance ofU.S. Patent No. 11,400,077 with claims directed to methods for mydriasis treatment using phentolamine, extended by 5 years into 2039. - In September, the Company appointed seven new Key Opinion Leaders (KOLs) across retina, cornea/refractive, and medical optometry to its
Medical Advisory Board (MAB):Anat Loewenstein , MD, PhD,Caroline Baumal , MD,Zaina Al-Mohtaseb , MD,Inder Paul Singh , MD, Leslie O’Dell, OD,Selina McGee , OD,Justin Schweitzer , OD.
Third Quarter Ended
As of
General and administrative expenses for the three and nine months ended
Research and development expenses for the three and nine months ended
The total loss from operations for the three and nine months ended
Net loss for the three and nine months ended
For further details on Ocuphire’s financial results, refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended
About
Ocuphire is a publicly traded (Nasdaq: OCUP), clinical-stage, ophthalmic biopharmaceutical company focused on developing and commercializing small-molecule therapies for the treatment of refractive and retinal eye disorders.
The Company’s lead product candidate, Nyxol® eye drops (0.75% phentolamine ophthalmic solution), 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 three indications, including reversal of pharmacologically induced mydriasis (RM), presbyopia and dim light or night vision disturbances (NVD). Nyxol has been studied in 12 completed clinical trials, including recently reported positive data from the following trials:
- MIRA-2 (NCT04620213), MIRA-3 (NCT05134974), and MIRA-4 (NCT05223478 pediatric safety trial) registration trials for the treatment of RM
- VEGA-1 (NCT04675151) Phase 2 trial of Nyxol for treatment of presbyopia, which evaluated both Nyxol as a single agent and Nyxol with low dose pilocarpine (“LDP”) 0.4% as adjunctive therapy
- LYNX-1 (NCT04638660) Phase 3 trial of Nyxol for night vision disturbances (NVD)
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). APX3330 has been studied in 11 Phase 1 and 2 trials. The Company announced the completion of last patient last visit in late August in ZETA-1 (NCT04692688).
For more information, 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 clinical and regulatory milestones for Ocuphire’s indications, including Ocuphire’s potential NDA submission, initiation of certain trials, and receipt of topline data, Ocuphire’s business strategy and potential growth, and commercialization of Ocuphire’s product candidates. 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
Contacts
Corporate | Investor Relations | |
CEO & Founder ir@ocuphire.com | cdavis@lifesciadvisors.com | CoreIR brets@coreir.com |
Condensed Balance Sheets (in thousands, except share amounts and par value) | |||||||
As of | |||||||
2022 | 2021 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 13,855 | $ | 24,534 | |||
Prepaids and other current assets | 605 | 1,314 | |||||
Short-term investments | 101 | 219 | |||||
Total current assets | 14,561 | 26,067 | |||||
Property and equipment, net | 7 | 10 | |||||
Total assets | $ | 14,568 | $ | 26,077 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,468 | $ | 1,584 | |||
Accrued expenses | 1,223 | 1,733 | |||||
Short-term loan | — | 538 | |||||
Total current liabilities | 2,691 | 3,855 | |||||
Warrant liabilities | — | — | |||||
Total liabilities | 2,691 | 3,855 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, par value | |||||||
as of issued and outstanding at 2021. | — | — | |||||
Common stock, par value | |||||||
as of and 18,845,828 shares issued and outstanding at 2022 and | 2 | 2 | |||||
Additional paid-in-capital | 117,296 | 111,588 | |||||
Accumulated deficit | (105,421 | ) | (89,368 | ) | |||
Total stockholders’ equity | 11,877 | 22,222 | |||||
Total liabilities and stockholders’ equity | $ | 14,568 | $ | 26,077 | |||
Condensed Consolidated Statements of Comprehensive Loss (in thousands, except share and per share amounts) (Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Collaborations revenue | $ | — | $ | 489 | $ | — | $ | 589 | ||||||||
Operating expenses: | ||||||||||||||||
General and administrative | 1,703 | 1,595 | 5,215 | 6,707 | ||||||||||||
Research and development | 2,835 | 3,126 | 10,769 | 10,437 | ||||||||||||
Total operating expenses | 4,538 | 4,721 | 15,984 | 17,144 | ||||||||||||
Loss from operations | (4,538 | ) | (4,232 | ) | (15,984 | ) | (16,555 | ) | ||||||||
Interest expense | — | — | (9 | ) | — | |||||||||||
Fair value change of warrant liabilities | — | — | — | (33,829 | ) | |||||||||||
Other income (expense), net | 7 | 2 | (60 | ) | 4 | |||||||||||
Loss before income taxes | (4,531 | ) | (4,230 | ) | (16,053 | ) | (50,380 | ) | ||||||||
Benefit (provision) for income taxes | — | — | — | — | ||||||||||||
Net loss | (4,531 | ) | (4,230 | ) | (16,053 | ) | (50,380 | ) | ||||||||
Other comprehensive loss, net of tax | — | — | — | — | ||||||||||||
Comprehensive loss | $ | (4,531 | ) | $ | (4,230 | ) | $ | (16,053 | ) | $ | (50,380 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic and diluted | $ | (0.22 | ) | $ | (0.25 | ) | $ | (0.82 | ) | $ | (3.64 | ) | ||||
Number of shares used in per share calculations: | ||||||||||||||||
Basic and diluted | 20,498,229 | 16,925,006 | 19,635,651 | 13,841,067 |
Source:
2022 GlobeNewswire, Inc., source