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Corporation
HEALTHCARE
acuitypharma.com

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Founded Year

2002

Stage

Reverse Merger | IPO

Total Raised

$18.4M

About Acuity Pharmaceuticals

OPKO Health, Inc. (Amex: OPK) today announced that a study published in the peer-reviewed journal Molecular Vision demonstrates that bevasiranib, its siRNA (small interfering RNA) agent is distributed throughout the eye, including uptake into the retina. In two tissue distribution and pharmacokinetic studies in rabbits, results showed that bevasiranib was present in the retina and in targeted retinal pigment epithelium (RPE) cells following intravitreal injection.

Acuity Pharmaceuticals Headquarter Location

4400 Biscayne Boulevard

Miami, Florida, 33137,

United States

305-575-4100

Latest Acuity Pharmaceuticals News

Acuity Pharmaceuticals and Froptix Corporation Agree to Mergers with Public Shell; New Company to Develop and Market Drugs for Disorders of the Eye (AMEX:OPK)

Aug 28, 2015

Next Release » March 27, 2007 Acuity Pharmaceuticals and Froptix Corporation Agree to Mergers with Public Shell; New Company to Develop and Market Drugs for Disorders of the Eye Combined Company to be Re-Named Opko Corporation MIAMI, FL–March 27, 2007?Acuity Pharmaceuticals and Froptix Corporation, privatelyowned pharmaceutical companies developing novel drugs to treat serious diseases ofthe eye, and eXegenics, Inc. (OTC BB: EXEG.BB), a publicly-traded company with noactive operations, have executed a merger agreement that will bring the threecompanies under one corporate umbrella. The combined company will be re-namedOpko Corporation. It will be headquartered in Miami, Florida and intends to apply tohave its shares listed on the American Stock Exchange (AMEX). Acuity's product portfolio includes the pioneering gene silencing agent bevasiranib,which has successfully completed Phase ll clinical trials for wet age-related maculardegeneration (wet AMD) and diabetic macular edema (DME); a novel product forconjunctivitis in Phase l clinical development; and a pipeline of preclinical candidates totreat serious ophthalmic disorders. Froptix has a number of molecules in preclinicaldevelopment to treat dry age-related macular degeneration (dry AMD) and otherophthalmic diseases. The new company also intends to develop selected diagnosticproducts that are complementary to its ophthalmic therapies Dr. Phillip Frost, former chief executive officer and chairman of IVAX Corporation, willbecome chairman and chief executive officer of Opko. Dr. Jane Hsiao, former vicechairman and chief technical officer of IVAX Corporation and Steven D. Rubin, formersenior vice president and general counsel of IVAX Corporation, will serve on Opko?sBoard of Directors. Dr. Dale R. Pfost, currently chairman, president and chief executiveofficer of Acuity Pharmaceuticals, will become president of Opko. As part of the transaction, The Frost Group, a private equity group headed by Dr. Frost,has agreed to provide Opko with a $12 million line of credit. A portion of this line ofcredit has already been committed to help fund the transition to the new organization.Proceeds from this line of credit, along with the approximately $16 million of cash heldby eXegenics, are expected to be sufficient to fund the company's upcoming Phase llItrial of bevasiranib as maintenance therapy for wet AMD in combination with Lucentis?and to support continued progress in other programs. "We believe ophthalmologic disorders offer major opportunities for improved therapies,and we are optimistic that our new company will develop significant products for themaintenance and restoration of vision," said Dr. Frost. "To date, bevasiranib hasdemonstrated the potential to treat wet AMD along with an excellent clinical safetyprofile, and we intend to pursue advanced clinical trials for its use as part of a treatmentregimen in combination with the VEGF antagonist drugs currently prescribed for thiscondition. Froptix is developing novel technology for the treatment of dry AMD, a moreprevalent disorder for which there currently is no effective therapy. The combinedproduct pipelines contain a variety of other promising compounds for other inflammatory,infectious and degenerative diseases of the eye. " The transaction between the three parties is expected to close today. About the Merged Companies Philadelphia-based Acuity Pharmaceuticals is an ophthalmic pharmaceutical companyapplying proprietary technologies to the treatment and prevention of diseases of the eye.Acuity?s lead clinical compound, bevasiranib, an RNA interference-based moleculetargeting vascular endothelial growth factor (VEGF), completed a Phase II trial in wetAMD and a pilot Phase ll trial in DME. Bevasiranib demonstrated good safety andencouraging signs of biological activity in both studies. Acuity is applying its drugdevelopment expertise to a growing pipeline of novel agents for ophthalmic conditionsand is also developing proprietary technologies for ocular drug delivery in support ofthese programs. Froptix Corporation has licensed exclusive rights to technology developed at theUniversity of Florida in Gainesville relating to small molecule therapeutics for retinal andmacular degeneration. It has lead compounds for the treatment of dry AMD and retinitispigmentosa and an extensive pipeline of additional small molecule clinical candidates.Over 35 million patients suffer from dry AMD in the developed world, yet there arecurrently no available treatment options. In some patients, dry AMD progresses to wetAMD, a leading cause of adult blindness. eXegenics, Inc. does not currently have active operations. Previously, it was engaged inthe research, creation and development of drugs for the treatment and prevention ofcancer and infectious diseases. This press release contains "forward-looking statements,? as that term is defined under thePrivate Securities Litigation Reform Act of 1995 (PSLRA),regarding product development effortsand other non-historical facts about our expectations, beliefs or intentions regarding our business,technologies and products, financial condition, strategies or prospects. Many factors could causeour actual activities or results to differ materially from the activities and results anticipated inforward-looking statements. These factors include those described in our filings with theSecurities and Exchange Commission, as well as risks inherent in funding, developing andobtaining regulatory approvals of new, commercially-viable and competitive products andtreatments, including the risks that advanced clinical trials for our lead product candidate,bevasiranib, may not be commenced or completed on a timely basis or at all, that any of ourcompounds under development, including bevasiranib, may fail, may not achieve the expectedresults or effectiveness and may not generate data that would support the approval or marketingof products for the indications being studied or for other indications. In addition, forward-lookingstatements may also be adversely affected by general market factors, competitive productdevelopment, product availability, federal and state regulations and legislation, the regulatoryprocess for new products and indications, manufacturing issues that may arise, patent positionsand litigation, among other factors. We do not undertake any obligation to update forward-lookingstatements. We intend that all forward-looking statements be subject to the safe-harborprovisions of the PSLRA.

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Expert Collections containing Acuity Pharmaceuticals

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Acuity Pharmaceuticals is included in 1 Expert Collection, including Eye Health.

E

Eye Health

711 items

Acuity Pharmaceuticals Patents

Acuity Pharmaceuticals has filed 1 patent.

patents chart

Application Date

Grant Date

Title

Related Topics

Status

4/16/2003

6/19/2012

Transcription factors, Gene expression, Molecular biology, Genetics, RNA

Grant

Application Date

4/16/2003

Grant Date

6/19/2012

Title

Related Topics

Transcription factors, Gene expression, Molecular biology, Genetics, RNA

Status

Grant

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