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Ocuphire completes financing round for advancement of Nyxol
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Ocuphire Pharma has closed $5 million in financing to support multiple phase 2 trials of Nyxol, its lead drug candidate, according to a press release.
Nyxol, an ophthalmic solution eye drop containing phentolamine mesylate and designed to treat front-of-the-eye disorders, is being tested for night vision disturbances, glaucoma and reversal of mydriasis, while a fixed-dose combination of Nyxol is being explored to treat presbyopia.
“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,” Mina Sooch, chair, president and CEO of Ocuphire, said in the release. “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.”
The funding round was led by investors 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 and BlueWater Angels.