Business
Ocular Therapeutix™ Provides Second Quarter 2023 Financial Results and Corporate Update
DEXTENZA® Net Product Revenue in Q2 2023 was $15.0 million, Representing Growth of Approximately 24% Over Q2 2022 Closed on a New $82.5 million Credit
About this update from Ocular Therapeutix, Inc.
[{"type":"text","content":"DEXTENZA® Net Product Revenue in Q2 2023 was $15.0 million, Representing Growth of Approximately 24% Over Q2 2022 Closed on a New $82.5 million Credit Facility; Cash Runway Now Forecasted into 2025 First of Two Planned Pivotal Clinical Trials for OTX-TKI in Wet AMD Expected to Initiate in Q3 2023 Completed Enrollment of HELIOS U.S.-based OTX-TKI Phase 1 Clinical Trial for Treatment of Non-Proliferative Diabetic Retinopathy; 6-Month Interim Data Anticipated Q1 2024 Completed Enrollment of OTX-TIC Phase 2 Clinical Trial and Began Pilot Repeat-Dose Sub-Study BEDFORD, Mass., Aug. 07, 2023 (GLOBE NEWSWIRE) -- Ocular 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 reported financial results for the second quarter ended June 30, 2023, and provided updates on its ophthalmology pipeline. “The progress at Ocular Therapeutix over this last quarter has been significant,” said Antony Mattessich, President and CEO. “We reached the milestone of $15.0 million in DEXTENZA net product revenues for the quarter and achieved revenue growth of 24% over the same quarter prior year and 14% over the previous quarter. This represents the third straight quarter of sequential growth of in-market unit sales and gives us great confidence in DEXTENZA’s ability to augment funding of our fast-developing pipeline. As importantly, we now have a path forward with OTX-TKI in wet AMD and expect to initiate our first pivotal trial in the United States for wet AMD before the end of this quarter. We were also able to secure a credit facility of $82.5M that puts the funding in place to be able to initiate the trial and extends our runway into 2025. We believe that our successes in R&D and improved commercial performance have positioned us well for the future.” Business Updates OTX-TKI (axitinib intravitreal implant) for the potential treatment of wet AMD and other retinal vascular diseases The Company presented positive 12-month top-line data from its 21-subject U.S.-based Phase 1 trial of OTX-TKI for the treatment of wet AMD at the Clinical Trials at the Summit 2023 Meeting held in Park City, Utah in June 2023. An 89% reduction in treatment burden was observed in OTX-TKI treated subjects for up to 12 months.Subjects treated w...