Acuity Pharmaceuticals

About 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.