On March 21, 2025, Opus Genetics, Inc. announced the pricing of an underwritten public offering with gross proceeds of $20 million and a concurrent private placement yielding $1.5 million. The offerings also include warrants that could generate up to an additional $21.4 million upon exercise, potentially totaling approximately $43 million in gross proceeds.
The public offering included 21,052,631 shares of common stock or equivalents and an equal number of warrants, priced at $0.95. The concurrent private placement involved 1,176,471 shares and warrants, priced at $1.275, with company CEO George Magrath and board chairman Cam Gallagher participating.
The company intends to use the net proceeds to fund clinical development of its lead gene therapy programs, OPGx-LCA5 and OPGx-BEST1, as well as for general corporate purposes and working capital. The timing of this financing, just before the record date for the Annual Meeting, drew criticism from founder Mina Sooch, who alleged it was designed to influence shareholder votes and caused significant dilution.
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