Ocugen Inc (NASDAQ:OCGN) shares are trading higher by 14% to $1.58 during Wednesday’s session. The company yesterday provided an update on its business activities and financial status for the year ending 2023.
Ocugen highlighted progress in its modifier gene therapy programs for blindness diseases. Key developments include promising results in the OCU400 Phase 1/2 study for Retinitis Pigmentosa (RP), with FDA recognition through RMAT designation, potentially accelerating therapy delivery.
Additionally, enrollment and dosing progress were noted in OCU410 and OCU410ST trials targeting conditions like dry Age-Related Macular Degeneration (dAMD) and Stargardt disease.
The company also emphasized the unmet medical needs in these areas and its commitment to delivering potentially life-changing treatments. Ocugen also mentioned strategic resource allocation and government funding pursuits for its vaccine programs, particularly highlighting its mucosal vaccine candidate OCU500 chosen for NIAID Project NextGen. Furthermore, its NeoCart® platform for cartilage repair is progressing toward a Phase 3 trial.
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Financially, Ocugen plans to restate its financial statements for 2022 and include restated information for the first three quarters of 2023 in its 2023 Form 10-K due to identified errors related to non-cash accounting in collaboration arrangements. ...