Business
Ocugen Provides Business Update and First Quarter 2020 Financial Results
100% of planned enrollment completed in Phase 3 oGVHD study; topline results anticipated by end of 2020 MALVERN, Pa., May 08, 2020 (GLOBE NEWSWIRE) -- Ocugen,
About this update from Ocugen, Inc.
[{"type":"text","content":"100% of planned enrollment completed in Phase 3 oGVHD study; topline results anticipated by end of 2020\nMALVERN, Pa., May 08, 2020 (GLOBE NEWSWIRE) -- Ocugen, Inc. (NASDAQ: OCGN), a clinical-stage company focused on discovering, developing and commercializing transformative therapies to treat the whole eye, today reported first quarter 2020 financial results along with a general business update.\n “We reached a significant milestone in our Phase 3 trial with OCU300 for ocular Graft vs. Host Disease (oGVHD) with the completion of our planned enrollment. We expect topline results by the end of this year. On the financial side, we have completed our warrant exchange, an important step in simplifying our capital structure and allowing us to raise capital to advance our programs,” commented Dr. Shankar Musunuri, Chairman, CEO and Co-Founder of Ocugen. “Additionally, we remain on track to advance our first gene therapy product candidate, OCU400, into the clinic in 2021. The team has maintained focus during these unprecedented times, driven by our vision to bring hope to patients without adequate treatment options.” Business Highlights: OCU300 (oGVHD) – Despite the challenges in clinical trial enrollment related to the COVID-19 pandemic, Ocugen completed 100% of the planned enrollment in its Phase 3 trial. Topline results are anticipated by the end of the year. Warrant Exchange – In April 2020, Ocugen completed an amendment and exchange of its Series A warrants which removed certain restrictive covenants under the Series A warrants and the Securities Purchase Agreement, giving the Company greater flexibility to raise funds consistent with its growth strategy and long-term value creation for patients and shareholders. As part of the exchange, all the Series A warrants were exchanged for 21.9 million shares of Ocugen’s common stock and non-interest-bearing unsecured notes in the aggregate principal amount of $5.625 million. Immediately following the warrant exchange, the Company had 74.5 million common shares outstanding. Board of Directors – In April 2020, Ocugen appointed two new Directors, Ms. Kirsten Castillo and Dr. Prabhavathi Fernandes. As a part of a planned transition, Frank Leo resigned from the board. 2020 Annual Meeting of Stockholders – In light of the ongoing impact of the COVID-19 pandemic, the Company previously announce...