Ocuphire Pharma, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 13, 2023 at 08:48 am EST
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Ocuphire Pharma, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net income was USD 5.56 million compared to net loss of USD 4.53 million a year ago. Basic earnings per share from continuing operations was USD 0.26 compared to basic loss per share from continuing operations of USD 0.22 a year ago. Diluted earnings per share from continuing operations was USD 0.25 compared to diluted loss per share from continuing operations of USD 0.22 a year ago.
For the nine months, net loss was USD 5.19 million compared to USD 16.05 million a year ago. Basic loss per share from continuing operations was USD 0.25 compared to USD 0.82 a year ago. Diluted loss per share from continuing operations was USD 0.25 compared to USD 0.82 a year ago.
Ocuphire Pharma, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for the treatment of refractive and retinal eye disorders. The Companyâs lead retinal product candidate, APX3330, is a small-molecule inhibitor of Ref-1 (reduction oxidation effector factor-1 protein). Ref1 is a regulator of transcription factors such as HIF-1α and NF-B. The Inhibiting REF-1 reduces levels of vascular endothelial growth factor (VEGF) and inflammatory cytokines which are known to play key roles in ocular angiogenesis and inflammation. APX3330 is an oral tablet to be administered twice per day for the treatment of DR. The Companyâs pipeline candidates include APX2009 and APX2014. The Company is initially pursuing APX3330 for the DR indication as first-line therapy and may explore opportunities for clinical benefit as monotherapy or adjunctive therapy for other retinal indications such as DME, wAMD, and GA.