Ocuphire Pharma Inc. (OCUP) stock is cruising Monday, March 15, 2021, during the pre-market. As of this writing, it has surged 71.70%. Let’s see the reason behind this hike?
The company took the market with a buzz after announcing top-notch results in the MIRA-2 Phase 3 registration trial investigating its product candidate Nyxol® for reversal of pharmacologically induced mydriasis (dilation of pupil for eye exams).
Nyxol is a proprietary, preservative-free, stable, investigational eye drop formulation of phentolamine mesylate designed to reduce pupil size by inhibiting contraction of the iris dilator muscle
A more detailed presentation of the topline MIRA-2 results will be discussed on a conference call this morning and posted shortly thereafter to the Investors section of Ocuphire’s corporate website in the Events section. Ocuphire management will host a conference call and webcast with slides, today at 8.30am ET. Details for the call are as follows:
More ongoing Trials
- OCUP is expecting Phase 2 VEGA-1 trial results, investigating a kit combination of Nyxol and low-dose pilocarpine for treatment of Presbyopia with top-line data at the end of Q2 2021
- OCUP is expecting the trial data at the end of Q3 2021 for the Phase 3 LYNX-1 trial investigating Nyxol for Night Vision Disturbances.
- OCUP is expecting the trial results in Q1 2021, for the Phase 2 ZETA-1 trial investigating APX3330 for Diabetic Retinopathy and Diabetic Macular Edema
Full-year 2020 financial results:
On March 10, 2021, OCUP announced its financial results for the full year 2020.
- OCUP had cash and cash equivalents of approximately $16.4 million at the end of December 2020.
- The company G&A expenses were $2.8 million for the full-year 2020, compared to $1.8 million for the prior year.
- Research and development expenses for the year ended December 31, 2020, were $6.6 million compared to $2.4 million for the prior year.
- Net loss to common stockholders for the full year was $24.6 million
Ocuphire Pharma is a clinical-stage ophthalmic biopharmaceutical company focused on developing and commercializing therapies for the treatment of several eye disorders. Ocuphire’s pipeline currently includes two small-molecule product candidates targeting the front and back of the eye indications. It was founded by Chang H. Ahn in March 2001 and it headquarters is in Rockville, Maryland, United States.