After SPAC deal fell flat, Visiox acquired by fellow eye-focused biotech

Eight months after Visiox Pharmaceuticals was all set to go public via a special purpose acquisition company (SPAC) deal, the company has been snapped up by fellow eye-focused biotech Ocuvex Therapeutics instead.

The companies haven’t disclosed the financial details behind the deal, but we do know that the resulting company will operate under the Ocuvex brand. Visiox said the newly combined entity will be β€œan emerging leader in the eye care sector with an exciting portfolio of ophthalmic medicines.”

One of these meds will be Omlonti, an approved omidenepag isopropyl ophthalmic solution licensed by Visiox from Santen Pharmaceutical a year ago. The prostaglandin E2 receptor agonist is indicated for the reduction of elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension.

The candidate next closest to market is PDP-716, a once daily brimonidine solution that the biotech has been aiming to launch in early 2025. The product uses Visiox’s own TearAct technology, which involves resin microparticles in a complex suspension form to improve the dosing frequency and thereby prolong the release of drug.

Also set to launch next year is SDN-037, a topical difluprednate corticosteroid designed to control inflammation after cataract surgery.

β€œThe combination of Visiox and Ocuvex makes for a perfect match,” Visiox’s CEO Ryan Bleeks said in a release. β€œWe have reached significant milestones with our products and Ocuvex is in a great position to take these advancements forward and bring them to market faster and emerge as a future leader in eye care.”

The acquisition marks a change in strategy for Visiox, which as recently as December 2023 was on track to go public via a merger with a special purpose acquisition company (SPAC) called PowerUp Acquisition. This plan would have seen Visiox listed on the Nasdaq in the first quarter of 2024, but there has been no word since, and the biotech has remained privately held.

As for Visiox’s new owner Ocuvex, the company has been keeping a low profile itself. Monday's press release describes Ocuvex as a β€œprivately held ophthalmic pharmaceutical company focused on developing and commercializing novel therapies for glaucoma and other disorders.”

Ocuvex β€œboasts a robust pipeline of near-term ophthalmic medicines,” but the biotech’s website doesn’t offer many clues as to their identity.