Business
Ocular Therapeutix™ Provides Business Update and Response to COVID-19 Global Pandemic
BEDFORD, Mass.--(BUSINESS WIRE)-- Ocular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company focused on the formulation, development, and
About this update from Ocular Therapeutix, Inc.
[{"type":"text","content":" BEDFORD, Mass.--(BUSINESS WIRE)--\nOcular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced its response to the COVID-19 pandemic and related impact on Ocular Therapeutix’s business operations.\n\n\n“In the midst of the global COVID-19 pandemic, our first priority is for the safety and well-being of our employees, patients, clinical collaborators and customers,” said Antony Mattessich, President and Chief Executive Officer. “While we are doing everything in our power to respond appropriately to the current crisis, we are also preparing Ocular Therapeutix and our community of stakeholders to thrive in the future. The Company is well positioned despite the challenging economic conditions.\n\n\n\nOur clinical programs remain on track:\n\n\nThe first two subjects in the higher-dose cohort of our OTX-TKI (axitinib intravitreal implant) Phase I clinical trial have reached the four-and-a-half-month time point and are continuing to show clinically meaningful reductions in intraretinal and/or subretinal fluid with a single implant. If the durability of OTX-TKI is confirmed in larger trials out to this time point or beyond, we believe that it would have the potential to become a new standard of treatment for wet AMD;\n\n\nOur Phase 3 trial of DEXTENZA® for the treatment of ocular itching associated with allergic conjunctivitis (AC) is expected to read out this quarter and, if successful, we plan to file an sNDA application for this indication;\n\n\nThe first three cohorts of our Phase 1 program for OTX-TIC (travoprost intracameral implant) are fully enrolled and we look forward to providing updates on the results of those patients in the near future; and\n\n\nOTX-CSI (cyclosporine intracanalicular insert) is set to enter the clinic in the middle of 2020, continuing our development of a treatment for dry eye disease.\n\n\n\n\nOn the revenue side, despite a marked slow-down in cataract and other ophthalmic surgical procedures beginning in the second week of March due to COVID-19, we were able to record DEXTENZA net product revenue in Q1 of an estimated $2.1 million, representing growth of 31% over Q4 2019; and\n\n\nMoving forward, while we anticipate substantial continued weakness in ca...