Ocuphire fires CEO Mina Sooch, names new interim head
23 Apr 2023
Phase 2Phase 3Executive ChangeClinical Result
Ocuphire Pharma disclosed in a US securities filing that chief executive Mina Sooch has been let go. The company did not provide details on what led to the termination of Sooch, who co-founded Ocuphire in 2018 and also holds a 2.3% stake. Its shares tumbled as much as 22% on the news.
In the meantime, Richard Rodgers, a board member since late 2020, has been tapped to serve as interim president and CEO while a search gets under way to find a permanent leader. Rodgers previously served on the board of Rexahn Pharmaceuticals, which merged with Ocuphire in 2020. "I look forward to working closely with the management team to seamlessly execute our near-term priorities," he said. These include getting FDA feedback on the design of a Phase III trial and the regulatory pathway for the company's oral diabetic retinopathy drug candidate APX3330.
Looking to bring first product to market
Earlier this year, Ocuphire said APX3330 missed the primary endpoint of the Phase II ZETA-1 trial, which assessed the percentage of patients achieving a ≥2-step improvement on a diabetic retinopathy severity scale (DRSS) at week 24 in the study eye. However, at the time, the company said it was important to evaluate the effect in both eyes given the oral systemic delivery of APX3330.
It suggested that a potential Phase III trial could measure a ≥3-step worsening of DRSS as a composite of both eyes. Ocuphire noted this was a secondary endpoint in ZETA-1, and that APX3330 succeeded with statistical significance. "If approved, APX3330 has the potential to be a valuable non-injection option for the millions of diabetic retinopathy patients at risk of progressing to vision impairment," Rodgers said.
Meanwhile, he noted that the company is awaiting an FDA decision this September on its Viatris-partnered ophthalmic solution Nyxol (phentolamine) to treat pharmacologically-induced mydriasis. It is also developing Nyxol for the treatment of presbyopia and dim light vision disturbances.
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