Why Ocuphire Pharma (OCUP) Shares Are Trading Higher Today

Ocuphire Pharma Inc OCUP concluded an exclusive license agreement with FamyGen Life Sciences Inc for the development and commercialization of Nyxol eye drops across three indications in the U.S., Europe, Japan, India, China, and other global markets.
In connection with its separately announced transaction with Famy, Viatris Inc VTRS has agreed to commercialize Nyxol following each regulatory approval.
"In addition, the upfront payment and development funding provided by this transaction markedly improve our cash position into 2025, allowing us to expedite the registration trials for presbyopia and night vision disturbances and to execute our late-stage development strategy for the APX3330 retina program," said Mina Sooch, founder & CEO of Ocuphire.
Ocuphire will receive an upfront cash payment of $35 million. Famy will fund Nyxol development through FDA approvals.
With the upcoming FDA marketing application submission for the reversal of mydriasis indication this quarter, Ocuphire has the potential to receive a $10 million milestone payment upon FDA approval later in 2023.
In addition to funding Ocuphire's development of Nxyol in the U.S., Famy will undertake development in the non-US markets.
Price Action: OCUP shares are up 21.60% at $2.53 on the last check Tuesday.

Ocuphire Pharma Shares Jump After Global Licensing Pact For Nyxol Eye Drops