Ocular’s ‘Retina Dream Team’ has another $325M to tackle wet AMDAMD

22 Feb 2024
firstwordpharma.com
Executive ChangePhase 3
Ocular Therapeutix plans to raise $325 million through a private placement, having brought in $115 million from a public offering a matter of months ago. The company, which recently appointed a new chief commercial officer, also on Thursday unveiled a number of other executive changes across scientific and strategy functions as it looks to accelerate work on its axitinib intravitreal implant Axpaxli.
In December, Ocular sold nearly 35.5 million shares at $3.25 a piece, while the latest funding round comprises around 32.5 million shares priced at $7.52 each. The private placement includes participants such as Venrock Healthcare Capital Partners, Deep Track Capital, Perceptive Advisors and Great Point Partners.
Proceeds from the latest stock sale are earmarked to accelerate development of Axpaxli in wet age-related macular degeneration (AMD)AMD). Earlier this month, the first patients were screened in the Phase III SOL-1 study of Axpaxli, which is being conducted under a Special Protocol Assessment (SPA) agreement with the FDA.
Ocular also plans to use the funding to kick-off a second late-stage Axpali trial, dubbed SOL-2, and support its other clinical development programmes, which include implants to deliver drugs such as travoprost, dexamethasone and cyclosporine for the treatment of various eye conditions.
‘Retina dream team’
Having recently appointed Steve Meyers as chief commercial officer, Ocular announced Thursday that Jeffrey Heier will become chief scientific officer, Peter Kaiser moves to medical director, and Sanjay Nayak – founder of private investment fund Sentiv Capital - will assume the position of chief strategy officer. CEO Antony Mattessich said that “the ‘Retina Dream Team’…will enable us to potentially accelerate the pace of our clinical programme for Axpaxli.”
Heier was already working as an advisor to Ocular and held a seat on the board – roles he has now relinquished – while Kaiser most recently served as chief medical advisor. The company added that Peter Jarrett has begun the new role of chief technical officer, with Rabia Gurses Ozden continuing as chief medical officer.
“We believe their experience…will help the company optimise the enrolment of the Axpali…pivotal trials and enhance the probability of success,” Mattessich said. Investors seemed to agree with the upbeat tone, sending the company’s shares up about 25%.
In addition, Ocular said that Charles Warden has transitioned from chairman of the board to lead independent director with Pravin Dugel named as executive chairman.
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