More than 5 months after terminating its CEO, Ocuphire Pharma, Inc. has appointed a new leader to take the helm along with becoming a member of the Board of Directors: George Magrath, MD, MBA, MS.
Oh you’ve got to give me some background on this first.
Back in April 2023, the company announced it had ousted its CEO and President Mina Sooch, co-founder of Ocuphire (in 2016) and board member (since 2018).
To note, no reason was given for the move (see our coverage here).
In her place, Board of Directors member Rick Rodgers, MBA assumed the role of interim leader.
Now tell me about this new CEO.
Dr. Magrath most recently served as CEO of Lexitas Pharma Services, Inc., where he led the company through an acquisition and integration process with private equity firm QHP Capital to become an ophthalmology contract research organization (CRO) focused on partnering with pharmaceutical and biotech companies.
Prior to that, he served as medical director at Hovione Pharmaceuticals, LLC, focusing on proprietary drugs within dermatology, respiratory, and ophthalmology therapeutic areas.
What’s happening to the interim CEO?
Per the company, Rodgers will remain on its Board of Directors.
And when is this effective?
November 1, 2023.
Gotcha. So what has the company been up to?
Some pretty major developments—and FDA approval, to be exact.
In September 2023, the company’s (in partnership with Viatris Inc.) RYZUMVI (phentolamine ophthalmic solution) 0.75% was approved by the FDA as the first and only commercially available treatment option in the U.S. for the reversal of pharmacologically-induced mydriasis (RM). Click here for the details.
Gotcha. Any other developments to keep an eye on?
Yup! Ocuphire Pharma is currently working to advance the clinical development of APX3330, its lead retina asset that is intended to target diabetic retinopathy (DR).
To note, it most recently reported favorable safety and tolerability data in January 2023 (see coverage here).
And, according to Dr. Magrath, the company is looking forward to, “continuing the partnership with Viatris on the development of phentolamine ophthalmic solution 0.75% (POS) in refractive indications.”