Three become one

April 30, 2007

Acuity Pharmaceuticals, Froptix and eXegenics have executed a merger agreement that will bring the three companies together as one, to be called Opko Corporation.

Acuity Pharmaceuticals, Froptix and eXegenics have executed a merger agreement that will bring the three companies together as one, to be called Opko Corporation.

Headquartered in Miami, Florida, USA, Opko intends to apply for its shares to be listed on the American Stock Exchange. The Frost Group, a private equity group, has agreed to provide Opko with a $12 million line credit and Dr Phillip Frost will assume the position of CEO and chairman.

Acuity brings with it its portfolio of products including the gene silencing agent bevasiranib, which has successfully complete Phase II clinical trials for wet age-related macular degeneration (AMD) and Froptix has a number of molecules for the treatment of dry AMD in preclinical development. Opko also plans to develop a range of diagnostic products to complement its ophthalmic therapies.