A small gene therapy firm has pulled together a multimillion dollar raise amid a tight funding environment for drug developers.
Opus Genetics, based in Research Triangle Park, recently filed paperwork with the U.S. Securities and Exchange Commission for a $4.5 million raise, with the potential of more to come. In its filing, Opus outlines an effort with a total offering amount of $20 million.
The funding will support the company, a seven-person team, as it advances its two lead programs into clinical development. The U.S. Food and Drug Administration late last year approved the company's investigational new drug application for one program, paving the way for it to move into a clinical study, which is currently recruiting patients, according to a federal database.
Opus plans to file an investigational new drug application for its second lead program later this year, CEO Ben Yerxa previously told Triangle Business Journal. The company is attempting to tackle causes of blindness through its development of gene therapy treatments that target inherited retinal diseases.
The company earlier this year shifted its focus entirely to these two lead programs as it faced challenges in raising funds amid broader macroeconomic challenges affecting many small drug developers. After a fast start in 2022, venture capital funding dropped last year compared to the record amount seen in 2021. The slowdown has stretched into 2023.
Opus earlier this year began pulling together an insider-led funding round to support the company through early clinical studies. The trials will generate data over the next year that the company could use to raise additional capital.
This funding round follows Opus raising $19 million in seed funding prior to its launch in 2021. The Retinal Degeneration Fund, the venture arm of the Foundation Fighting Blindness, led the initial round with a $10 million investment.
