Ocuphire Secures $5 Million in Funding to Advance Ophthalmic Solution for Glaucoma and Presbyopia

VCBeat (WeChat ID: vcbeat) has learned that on July 21, 2019, biotechnology company Ocuphire announced the completion of a $5 million financing round. Angel investor groups from various U.S. states, including BELLE Michigan, Grand Angels, Kazoo Angels, Woodward Angels, BlueWater Angels, and the Michigan Angel Fund, participated in this round. Mina Sooch, Co-founder and CEO of Ocuphire, stated that following the closure of this round, she will initiate the next round of financing, targeting $30 million.

Some of the investment firms participating in this round had also invested in two other companies previously founded by Mina Sooch—Gemphire Therapeutics and ProNAi Therapeutics—and achieved favorable returns. Gemphire Therapeutics is a publicly listed clinical-stage cardiovascular company, while ProNAi Therapeutics is a publicly traded clinical-stage oncology company.

Ocuphire, headquartered in Michigan, USA, is an emerging biotechnology company. Ocuphire currently has three full-time employees and eight contractors. Sooch stated that she aims to hire a Chief Medical Officer, a Director of Clinical Operations, and a Chief Financial Officer by the end of this year.

In April 2018, the intellectual property and drug assets of Ocularis, an ophthalmic therapeutic product development company, were merged into Ocuphire. Alan Meyer and Bill Pitlick, the drug developers at Ocularis, entered into an equity transaction agreement with Ocuphire. The patents held by Ocularis are valid until 2034.

Ocuphire is dedicated to developing and commercializing small-molecule drugs to address unmet medical needs in the field of ocular diseases, while seeking strategic partners for global commercialization. Ocuphire’s lead candidate, Nyxol, is indicated for the treatment of various ophthalmic conditions, including night vision disturbances (NVDs), glaucoma, pharmacologically induced mydriasis, and presbyopia.

Nyxol is an ophthalmic solution containing phentolamine mesylate, intended for late-stage clinical treatment. Nyxol is currently being tested in clinical trials and has not yet received approval from the FDA or other regulatory authorities for commercial sale. In five randomized, double-blind, placebo-controlled Phase 1 and Phase 2 studies, Nyxol was tested in 114 subjects, demonstrating its safety, tolerability, and consistent efficacy for the targeted indication.

Compared with other therapies on the market and in clinical development, Nyxol’s differentiated product attributes—including its safety profile, tolerability, and novel mechanism of action—make it an ideal candidate for treating various ophthalmic conditions. If Nyxol receives regulatory approval, physicians will be able to prescribe it as a first-line therapy, thereby further enhancing adjunctive treatment outcomes for patients. Nyxol has the potential to improve both daytime and nighttime vision and help mitigate adverse side effects associated with other therapeutic agents. Nyxol is administered at bedtime.

Mina Sooch, Co-founder and CEO of Ocuphire, brings over 23 years of experience in the biopharmaceutical and biotechnology industries. She has served as a company CEO, entrepreneur, venture capitalist, and strategist, leading more than ten biotechnology, biopharmaceutical, and medical device companies to success, including two successful initial public offerings (IPOs).

In September 2015, Mina Sooch was named one of Michigan’s Top Women in Tech by Crain, one of the largest privately held business publishers in the United States, and was also recognized by Crain as one of the Newsmakers of 2016. At the 2015 annual awards dinner, she was honored as Entrepreneur of the Year by the Ann Arbor Michigan Venture Capital Association. Mina holds an engineering degree from Wayne State University and an MBA from Harvard University.

“Mina is one of the most accomplished, experienced, and brilliant female entrepreneurs in Michigan. She is a highly competent leader who has led multiple companies to tremendous success, making her a favorite among investors eager to provide funding,” said Carolyn Cassin, Partner and Co-Founder of BELLE Michigan.

BELLE Michigan, established in 2012 and headquartered in Michigan, USA, is an early-stage investment fund. BELLE Michigan is committed to providing human resources and financial capital to women-led companies. The firm focuses on investing in sectors such as technology services, life sciences, medical devices, mobile internet, and advanced manufacturing.

Grand Angels, founded in 2004 and headquartered in Michigan, USA, is one of the most active investment organizations in Michigan and the longest-serving regional investment firm. Grand Angels aims to build world-class companies through investment and mentorship.

BlueWater Angels, established in 2008 and headquartered in Michigan, USA, is a firm comprising more than 50 high-net-worth individuals and institutions seeking substantial returns on their investments.

Michigan Angel Fund, headquartered in Michigan, USA, specializes in angel-stage investments. The fund is dedicated to investing in sectors such as IT, clean technology, advanced manufacturing, and healthcare, and it invests exclusively in companies based in Michigan.

(Compiled by Cheng Tao)