Opus Genetics acquires rights to two gene therapy candidates from Iveric bio

Opus Genetics acquired the rights to two preclinical-stage AAV-based gene therapy product candidates for inherited retinal diseases from Iveric Bio. Opus will develop the novel gene therapy candidates to address bestrophin-1-related inherited retinal diseases and rhodopsin-mediated autosomal dominant retinitis pigmentosa, respectively. BEST1-related IRDs are estimated to affect approximately one in 69,000 people, or nearly 5,000 people, in the United States. The BEST1 gene therapy is designed to deliver a functional copy of the BEST1 gene to retinal pigment epithelial cells to produce bestrophin-1 protein and normalize homeostasis between the photoreceptors and retinal pigment epithelial cells. RHO-adRP is one of the most common IRDs, estimated to affect approximately one in 51,000 people, or more than 6,000 people, in the United States alone. Opus anticipates completing additional IND-enabling studies and filing an IND for BEST1 in the second half of 2023. As part of the deal, Opus will assume responsibility for the global research, development and commercialization of BEST1 and RHO-adRP programs. In exchange, Iveric received an upfront payment of $500,000 and high single-digit percentage ownership of Opus. Iveric is also eligible to receive development and regulatory milestone payments, sales milestone payments, and a low single-digit earnout on net sales of the products. Iveric retains certain rights with respect to the potential future commercialization of gene therapy products for BEST1 and/or RHO-adRP under certain circumstances.