Acuity Pharmaceuticals

Acuity Pharmaceuticals, established in 2002, was a biotechnology firm that specialized in developing treatments for severe eye diseases. The company was founded based on technology licensed from the University of Pennsylvania and its Scheie Eye Institute. A key figure at the company was Dale R. Pfost, who served as its Chairman, President, and Chief Executive Officer. Acuity's primary focus was on creating therapies for age-related macular degeneration (AMD) and diabetic retinopathy (DR).

The company's business model centered on the research and development of ophthalmic drugs, with a pipeline of compounds targeting various eye conditions. Its main product candidate was bevasiranib (formerly Cand5), a small interfering RNA (siRNA) therapeutic designed to silence the gene responsible for producing vascular endothelial growth factor (VEGF). This protein is a key contributor to vision loss in conditions like wet AMD. Bevasiranib successfully completed Phase II clinical trials, where it demonstrated a strong safety profile and promising signs of biological activity for treating wet AMD and diabetic macular edema. The company was also developing other products, including a treatment for conjunctivitis that was in Phase I clinical development and other preclinical candidates for serious ophthalmic disorders.

Acuity Pharmaceuticals was a venture-capital-backed entity, securing approximately $24 million in funding since its inception. Its investors included Ben Franklin Technology Partners of Southeastern Pennsylvania, BioAdvance Capital, Diamond Capital Management, Johnson & Johnson Innovation - JJDC, and Psilos Group Managers. In a significant milestone on March 27, 2007, Acuity Pharmaceuticals merged with Froptix Corporation and a publicly-traded shell company, eXegenics, Inc., to form a new entity named Opko Health. This strategic merger was designed to combine Acuity's gene-silencing technology with Froptix's small molecule therapeutics to create a comprehensive ophthalmic drug development company. Following the merger, Dale R. Pfost became the president of the newly formed Opko Health. The transaction provided the combined company with significant capital, including a $12 million line of credit, to advance its clinical trials, particularly the late-stage Phase 3 trial for bevasiranib.

Keywords: Acuity Pharmaceuticals, ophthalmic pharmaceutical, age-related macular degeneration, diabetic retinopathy, bevasiranib, RNA interference, siRNA, gene silencing, VEGF, Dale R. Pfost, OPKO Health, clinical trials, biotechnology, vision loss treatment, ocular drug delivery, conjunctivitis, Scheie Eye Institute, University of Pennsylvania, Froptix Corporation, eXegenics Inc.