FARMINGTON HILLS, MI — Ocuphire Pharma Inc., a pharmaceutical company developing treatments for ophthalmic disorders, has raised more than $5 million in financing.
The money will fund clinical trials of the company’s lead drug candidate, Nyxol.
Nyxol is an eye drop treatment for multiple front-of-the-eye disorders, including night vision disturbances, glaucoma, and reversal of mydriasis. The company is also exploring a fixed-dose combination of Nyxol for the treatment of presbyopia.
The company states:
Nyxol is a proprietary ophthalmic formulation of phentolamine mesylate, an approved alpha-1 and alpha-2 inhibitor, allowing a more efficient 505(b)(2) development pathway for approval. With safety and efficacy data from five Phase 1 and Phase 2 trials, Nyxol has demonstrated a differentiated product profile that includes moderately reducing pupil size (which leads to improved night and day vision), significantly lowering intraocular pressure, and convenient once-daily dosing.
“We are thrilled to have the support of our investors to advance Nyxol in clinical trials. As of mid-July, we are pleased to report that we have successfully enrolled more than 50% of the 40 patients in our ORION-1 glaucoma trial,” said Mina Sooch, chair, president and CEO of Ocuphire. “We are excited about the potential to improve eye health and vision quality for millions of people around the world, particularly meeting the unmet needs of those with progressive, age-related ocular diseases. We are passionate about building Ocuphire into a leading ophthalmic company and adding novel ophthalmic drug candidates to our portfolio.”
Nyxol was originally invented by Dr. Gerald Horn, an ophthalmologist and laser vision specialist in Chicago, who also invented the recently approved redness reliever eye drop Lumify.
Investors include RBI Opportunities Fund, Belle Capital Fund, Grand Angels Fund, First Capital Fund, Michigan Angel Fund, Biosciences Research and Commercialization Center, Ann Arbor Angels, Woodward Angels, Kalamazoo Angels, BlueWater Angels, and other individual and institutional investors.