Opus Genetics (NASDAQ: IRD), a clinical-stage gene therapy company focused on inherited retinal diseases and headquartered in Research Triangle Park, North Carolina, has secured up to USD 155 million in largely non-dilutive financing from Oberland Capital Management, alongside a USD 5 million equity investment, in a structured note facility designed to extend its cash runway through 2029.
Oberland Capital is the sole investor in the arrangement. An initial tranche of USD 35 million is expected to close on April 20, 2026, with a second USD 35 million tranche available at Opus' option within the following 12 months. A further USD 35 million becomes accessible upon achievement of milestones linked to potential regulatory approval of its LCA5 program, and up to USD 50 million in additional tranches is available by mutual agreement through December 2027. The notes carry a seven-year maturity and an initial cash interest rate of approximately 4.1%. Oberland Capital also holds the option to convert up to 10% of the principal into common stock at USD 6.72 per share. The concurrent USD 5 million equity investment is priced at USD 4.48 per share, representing a private placement of approximately 1.1 million shares.
Combined with existing cash, Opus said it now holds approximately USD 100 million, extending its runway through anticipated completion of pivotal studies for its two lead programs and potential regulatory approvals.
About Opus Genetics
Opus was launched in 2021 as the first internally conceived spinout of the RD Fund, the investment arm of the Foundation Fighting Blindness. The company's scientific foundation draws on research from Jean C. Bennett at the University of Pennsylvania and Eric Pierce at Harvard University and Massachusetts Eye and Ear. At least two pipeline assets — OPGx-LCA5 and OPGx-RDH12 — have been licensed directly from Bennett's laboratory at Penn.
The company's pipeline comprises seven adeno-associated virus (AAV)-based gene therapy programs targeting distinct genetic causes of inherited retinal dystrophy. Each is designed as a one-time treatment intended to address the underlying genetic mutation rather than manage symptoms. The lead program, OPGx-LCA5, targets LCA5-related Leber congenital amaurosis, and OPGx-BEST1 addresses BEST1-related retinal degeneration. Three-month topline results from the full Cohort 1 of the ongoing Phase I/II trial with OPGx-BEST1 are expected at mid-2026. The company said pivotal studies for both LCA5 and BEST1 are expected to complete within the funded runway, with the prospect of priority review vouchers on potential approvals.
Three earlier-stage programs are expected to enter clinical testing over the next year. OPGx-RDH12, the second asset licensed from Bennett's lab and partially funded through a partnership with the RDH12 Alliance, is expected to enter the clinic in the US in Q4 2026. OPGx-MERTK is expected to begin clinical testing in 2026 in collaboration with the Department of Health in Abu Dhabi, targeting a patient population concentrated in the MENA region, where MERTK-related disease prevalence is estimated at approximately 14,300 patients. OPGx-RHO, targeting autosomal dominant retinitis pigmentosa caused by rhodopsin mutations, employs a suppress-and-replace approach — knocking down the mutant allele while delivering a wild-type replacement — and is expected to enter the clinic in 2027.
Beyond its gene therapy portfolio, Opus holds rights to Phentolamine Ophthalmic Solution 0.75%, a small-molecule asset already approved for pharmacologically induced mydriasis. A supplemental new drug application for presbyopia is under US FDA review, and a Phase III pivotal trial is ongoing for dim light disturbances following keratorefractive surgery. Oberland Capital cited this commercial-stage asset as part of its investment rationale.
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