RD Fund Announces Ocuphire Pharma's Acquisition of Opus Genetics

On October 25, 2024, the RD Fund, the venture arm of the Foundation Fighting Blindness, announced that Ocuphire Pharma, Inc., a clinical-stage ophthalmic biopharmaceutical company, acquired Opus Genetics, Inc. The acquisition was conducted through an all-stock agreement. Following the merger, the combined company will operate under the name Opus Genetics and will trade on the Nasdaq under the ticker symbol "IRD." This merger is expected to position the newly formed company as a leader in developing gene therapies aimed at treating inherited retinal diseases (IRDs).

Opus Genetics was launched by the RD Fund in the fall of 2021 with the goal of advancing gene therapies for IRDs. The RD Fund led the initial seed financing for Opus, which was the first internally conceived spinout by the Fund to support the Foundation's mission. The company's founding team includes Ben Yerxa, PhD, Rusty Kelley, PhD, Peter Ginsberg, and Jason Menzo, along with scientific founders Jean Bennett, MD, PhD, from the University of Pennsylvania, Junwei Sun, and Eric Pierce, MD, PhD, from Harvard and Massachusetts Eye and Ear.

The seed funding enabled Opus to develop a pipeline of early-stage preclinical assets. One of the notable advancements was the progression of OPGx-LCA5 into a Phase 1/2 trial, where six-month data showed both safety and visual improvement in early onset retinal degeneration. This progress was made possible through the support of major donors and project-based funding from the Foundation Fighting Blindness, as highlighted by co-founder and CEO of the Foundation, Jason Menzo.

The acquisition by Ocuphire marks a significant achievement for the RD Fund, as Opus becomes the first portfolio company from the Fund to enter the public markets. This milestone underscores the effectiveness of the venture philanthropy model in de-risking assets, making them more appealing to institutional investors and the public markets. Rusty Kelley, managing director of the RD Fund and a founding director of Opus, expressed confidence in the highly skilled and experienced team that will continue to advance Opus’s portfolio, including former Opus executives and directors like Ben Yerxa, Jean Bennett, and Adrienne Graves. Their dedication to leading in the field of genetic medicines for IRDs was a key factor in the approval of the transaction.

The RD Fund, established in 2018, focuses on accelerating the approval of therapies for retinal diseases and providing alternative revenue sources to further the Foundation Fighting Blindness's mission. It prioritizes investments in companies worldwide that are developing therapies nearing clinical testing phases.

The Foundation Fighting Blindness, founded in 1971, is the leading private funding source for research on retinal degenerative diseases. Over the years, it has raised more than $915 million to support research aimed at preventing, treating, and curing blindness resulting from a range of retinal diseases, including retinitis pigmentosa, macular degeneration, and Usher syndrome.

With this strategic merger, Opus Genetics is poised to make significant strides in the development of gene therapies for inherited retinal diseases, backed by the expertise and resources of both the RD Fund and Ocuphire Pharma.