Business
Ocular Therapeutix™ Reports Third Quarter 2020 Financial Results and Business Update
October Financing Raised $75.2 Million in Proceeds Net of Fees DEXTENZA® Net Product Revenue in Third Quarter of $5.4 Million, a 280% Increase from the Prior
About this update from Ocular Therapeutix, Inc.
[{"type":"text","content":"\nOctober Financing Raised $75.2 Million in Proceeds Net of Fees\n\nDEXTENZA® Net Product Revenue in Third Quarter of $5.4 Million, a 280% Increase from the Prior Quarter\n\nReported Topline Phase 1 Results and Recently Initiated Phase 2 Clinical Trial of OTX-CSI for the Chronic Treatment of Dry Eye Disease\n\nAnnounced License Agreement and Collaboration for DEXTENZA and OTX-TIC in Select Asian Countries\n\n 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 financial results for the quarter ended September 30, 2020 and provided a business update.\n\n“It has been a productive quarter for Ocular Therapeutix with a number of key developments that we believe will drive significant long-term value,” said Antony Mattessich, President and CEO. “DEXTENZA®’s momentum continues as a result of key initiatives implemented earlier in the year and exemplified by a robust 280% increase over the prior quarter. This momentum has continued into the fourth quarter with nearly 4,200 billable inserts sold to ASCs and HOPDs in the month of October. Within our pipeline, we have four clinical-stage programs that are each highly differentiated ophthalmology specialty products in markets where current annual global sales are estimated to exceed $20 billion. Each of these programs address the key unmet need in the indication it is targeting. With an improved cash position following the completion of a successful financing in October and the recently concluded license agreement with AffaMed Therapeutics, we believe we are now in a position to fund each of these four planned programs through its respective read-out of Phase 2 clinical trial data to capture the full potential benefit of the Phase 2 value inflection.”\n\nRecent Business Updates\n\nReported the American Medical Association (AMA) has established a permanent Category I Current Procedural Terminology (CPT) procedure code for 0356T for the administration of drug-eluting intracanalicular inserts, including DEXTENZA® (dexamethasone ophthalmic insert) 0.4 mg, effective January 1, 2022. The current professional fee for CPT code 0356T is expected to remain eligible to be paid per the established local fee s...