Opus Genetics raises $25 million in private placement

Opus Genetics Inc. (NASDAQ: IRD) entered into a securities purchase agreement for a $25 million private placement of 7,374,632 shares of Series B Non-Voting Convertible Preferred Stock at $3.39 per share, according to a company statement.

The financing is being led by Adage Capital Management, with participation from Trails Edge Capital Partners and Marshall Wace. Each preferred share will automatically convert into one share of common stock, subject to stockholder approval of an increase to authorized common shares.

The clinical-stage biopharmaceutical company, which develops gene therapies for inherited retinal diseases, plans to use the proceeds to advance its gene therapy clinical programs and for working capital and general corporate purposes. The company expects its year-end 2025 pro forma cash balance of $70 million, including expected proceeds from this placement, will fund operations into the first half of 2028.

The offering is expected to close February 18, 2026, subject to customary closing conditions. Sidley Austin LLP served as counsel to Opus Genetics. The company did not use a placement agent for the transaction.

The securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States except pursuant to registration or an applicable exemption. Opus Genetics agreed to file a registration statement with the SEC for the resale of the common stock underlying the preferred shares.

The Research Triangle Park, North Carolina-based company's pipeline includes seven AAV-based programs targeting various inherited retinal diseases, led by OPGx-LCA5 and OPGx-BEST1.

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