Ocuphire Pharma, Inc. announced that it expects to receive $21.15 million in funding from a group of investors
June 17, 2020
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Ocuphire Pharma, Inc. announced that it has entered into a securities purchase agreement with certain investors led by Altium Growth Fund, LP, a fund managed by Altium Capital Management LP for private placement of common shares for the gross proceeds of $21,150,000 on June 17, 2020. The transaction will also include participation from Michigan Angel Fund III, a fund managed by existing investors Ann Arbor SPARK, Investment Arm, Empery Asset Master Ltd, Empery Tax Efficient, Lp, and Empery Debt Opportunity Fund, LP, funds managed by Empery Asset Management, LP, existing investor Belle Michigan Impact Fund, LP and Belle Michigan Impact Fund - Investor Side Fund, LLC, funds managed by existing investor BELLE Michigan, LP, existing investor First Capital Fund, a fund managed by Invest Detroit Ventures, Jatinder-Bir S. Sandhu, Devang Shah, Harry M. Kraemer, junior, Julie M. Jansen Kraemer, Thomas Tallerico, Mina Sooch, Chief Executive Officer, President & Treasurer, directors Richard J. Rodgers, Alan R. Meyer, James S. Manuso, Cam Gallagher, and Sean Ainsworth. The shares will have par value of $0.0001 per share. The transaction is subject to lock-up agreement. The transaction is expected to close in the second half of 2020. The company will issue securities pursuant to exemption provided under Regulation D. The company will reimburse $130,000 to lead investor for costs, fees and expenses. The transaction is expected to close on or before November 14, 2020.
Ocuphire Pharma, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for the treatment of refractive and retinal eye disorders. The Companyâs lead retinal product candidate, APX3330, is a small-molecule inhibitor of Ref-1 (reduction oxidation effector factor-1 protein). Ref1 is a regulator of transcription factors such as HIF-1α and NF-B. The Inhibiting REF-1 reduces levels of vascular endothelial growth factor (VEGF) and inflammatory cytokines which are known to play key roles in ocular angiogenesis and inflammation. APX3330 is an oral tablet to be administered twice per day for the treatment of DR. The Companyâs pipeline candidates include APX2009 and APX2014. The Company is initially pursuing APX3330 for the DR indication as first-line therapy and may explore opportunities for clinical benefit as monotherapy or adjunctive therapy for other retinal indications such as DME, wAMD, and GA.
OCUPHIRE PHARMA, INC. 
