Ocuphire Pharma, Inc. (OCUP) stock surged 59.20% in the pre-market trading session at the price of $5.54 after it published the enrollment of the first patients in MIRA-3 Phase-III pivotal trial for Nyxol. Ocuphire is a clinical-stage ophthalmic biopharmaceutical firm that develops and commercializes therapeutics to treat eye disorders.
Enrollment of Patients in MIRA-3 Pivotal Trial for Nyxol
On 23rd November 2021, OCUP published enrollment of first patients in Phase-III pivotal trial of MIRA-3 for Nyxol Eye Drops. Nyxol is an ophthalmic formulation of phentolamine mesylate. It reduces pupil size by relaxing the iris dilator muscle.
MIRA-3 is a randomized, multi-center, and placebo-controlled study of Nyxol. MIRA-3 had designed to enroll over 330 patients of age 12 and older. The company has expected to release top-line results from the clinical trial of MIRA-3 in early 2022.
OCUP Third Quarter 2021 Financial Results
On 12th November 2021, OCUP published its financial results for the third quarter of 2021 and presented business updates.
Third Quarter 2021 Financial Summary
As of 30th September 2021, OCUP reported cash and cash equivalents of $22.2 million. The company reported collaborations revenue of $0.5 million for the three months ended 30th September 2021. The loss from operations was $4.2 million for the third quarter of 2021, compared to $1.9 million in the third quarter of 2020. For the third quarter of 2021, general and administrative expenses were $1.6 million. Research and development costs were $3.1 million for the three months ended on 30th September 2021. Research and development expenses were $1.4 million for the third quarter of 2020.
OCUP Nine Months Financial Highlights
For the nine months ended 30th September 2021, net cash used in operating activities totaled $13.7 million. OCUP reported collaborations revenue of $0.6 million for nine months ended 30th September 2021. The loss from operations was $16.6 million for the nine months ended on 30th September 2021. General and administrative expenses were $6.7 million for the nine months ended on 30th September 2021. For the nine months ended on 30th September 2021, research and development costs totaled $10.4 million. Research and development expenses were $2.3 million for the comparable periods of 2020.
