Iveric bio sells IC-100 and IC-200 rights to Opus Genetics

In a regulatory 8-K filing, the company states: "As part of IVERIC bio’s previously stated strategy to seek a licensee for IC-100 and IC-200, on December 23, 2022, IVERIC bio Gene Therapy LLC, a wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement with Opus Genetics Inc., a privately held company, pursuant to which Opus acquired all rights, title and interests in and to Iveric Subsidiary’s assets primarily related to the Company’s preclinical stage gene therapy product candidates known as IC-100 and IC-200 for the treatment of certain inherited retinal diseases. In accordance with the terms of the Purchase Agreement, in exchange for the Assets, Iveric Subsidiary received (i) an upfront payment in the amount of $500,000 and (ii) 2,632,720 shares of Series Seed Preferred Stock of Opus, par value $0.00001 per share, pursuant to a Stock Issuance Agreement that the parties entered into concurrently with the Purchase Agreement, resulting in Iveric Subsidiary’s ownership of a high single-digit percentage of the outstanding capital stock of Opus on a fully diluted basis. The Purchase Agreement and the Stock Issuance Agreement provide for Opus to issue additional shares of capital stock that will maintain Iveric Subsidiary’s ownership at a mid to high single-digit percentage of the fully diluted outstanding capital stock of Opus through Opus’s next round of financing in which it raises a specified minimum amount of gross proceeds. Iveric Subsidiary is also eligible to receive (i) contingent development and regulatory milestone payments of up to $12.8 million and (ii) additional sales milestone payments of up to $98.9 million from Opus. Further, Iveric Subsidiary will receive, on a country-by-country and product-by-product basis, an earn-out of a low single-digit percentage on net sales of the Assets."