Opus Genetics Raises Fresh $4.5 Million in Funding

Opus Genetics, a Research Triangle Park drug development startup focused on inherited diseases of the retina, has raised an additional $4.5 million in funding from investors.

According to a June 27 filing with the U.S. Securities and Exchange Commission, Opus listed a total offering of $20 million. CEO Ben Yerxa, Ph.D., told Business North Carolina that the round would “stay open a few months” to raise the additional $15.5 million. Yerxa is a member of the North Carolina Biotechnology Center’s board of directors.

Opus has two therapies in development stage: OPGx-LC5, a treatment for a rare type of early-onset retinal degeneration, and OPGx-BEST1, designed to address bestrophin-1 (BEST-1)-related inherited retinal diseases that are a form of macular degeneration.

The LC5 therapy entered a phase 1 clinical trial this year. It’s the most advanced candidate in the Opus pipeline.

Opus added its BEST1 program in December by acquiring the rights from Iveric Bio, a New Jersey biopharmaceutical company. Opus expects to file its investigational new drug (IND) application with the U.S. Food & Drug Administration by the end of 2023.

In September 2021, Opus announced its launch with $19 million in seed funding. The Retinal Degeneration Fund, the venture capital arm of Maryland-based nonprofit Foundation Fighting Blindness, led the seed round with participation from the Manning Family Foundation and Bios Partners.