Ocugen Announces Share Repurchase Program
October 09 2019 - 7:30AM
Ocugen, Inc., (NASDAQ: OCGN) today announced that its Board of
Directors unanimously approved a share repurchase program
authorizing the repurchase of up to $2 million in value of its
outstanding common stock. Ocugen believes its shares are
significantly undervalued and this decision reflects Ocugen’s
continued confidence in achieving its corporate goals and
commitment to increasing value for its stockholders.
Pursuant to this repurchase program, Ocugen plans to repurchase
stock through a broker in the open market, provided that the
timing, actual number and price per share of the common stock to be
purchased will be subject to management discretion and board
guidance, market conditions, applicable legal requirements,
including Rule 10b-18 of the Securities Exchange Act of 1934, as
amended, and various other factors.
As of October 9, 2019, Ocugen had 12.2 million shares of
common stock outstanding.
Ocugen recently announced its strategic partnership with
CanSinoBIO, a publicly listed biotech company with a market cap of
approximately $1B, to develop OCU400, Ocugen’s orphan drug
designated gene therapy candidate in its modifier gene therapy
platform. Under this partnership, CanSinoBIO will be
responsible for all CMC development and manufacturing of clinical
supplies, including all associated costs. This partnership provides
Ocugen greater flexibility with its capital resources. Ocugen is
also continuing enrollment in its Phase 3 study for OCU300 for
ocular graft versus host disease. Ocugen anticipates
receiving topline results for the Phase 3 study in the second half
of 2020.
About Ocugen, Inc. Ocugen, Inc. is a clinical
stage biopharmaceutical company focused on discovering, developing
and commercializing a pipeline of innovative therapies that address
rare and underserved eye diseases. The Company offers a robust and
diversified ophthalmology portfolio that includes novel gene
therapies, biologics, and small molecules and targets a broad range
of high-need retinal and ocular surface diseases. Ocugen is
leveraging its groundbreaking modifier gene therapy platform to
address genetically diverse inherited retinal disorders (IRDs) and
dry AMD, based on nuclear hormone receptor genes NR2E3 (OCU400) and
RORA (OCU410), respectively. OCU400 has received two orphan
drug designations (ODD) targeting two distinct IRDs. Ocugen is also
developing novel biologic therapies for wet-AMD, DME and diabetic
retinopathy (OCU200), as well as for retinitis pigmentosa
(OCU100). The Company’s late-stage Phase 3 trial for patients
with ocular graft versus host disease (oGVHD)(OCU300) leverages
Ocugen’s patented OcuNanoE – Ocugen’s ONE Platform™ technology to
enhance the efficacy of topical ophthalmic therapeutics. OCU300 is
the first and only therapeutic with ODD for oGVHD, providing
certain regulatory and economic benefits. For more information,
please visit www.ocugen.com.
Cautionary Note on Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. We may, in some cases, use terms such as
“predicts,” “believes,” “potential,” “proposed,” “continue,”
“estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,”
“could,” “might,” “will,” “should” or other words that convey
uncertainty of future events or outcomes to identify these
forward-looking statements. Such statements are subject to numerous
important factors, risks and uncertainties that may cause actual
events or results to differ materially from the Company’s current
expectations. These and other risks and uncertainties are more
fully described in our periodic filings with the Securities and
Exchange Commission (the “SEC”), including the risk factors
described in the section entitled “Risk Factors” in Histogenics
Corporation’s Registration Statement on Form S-4 (Reg. No.
333-232147), as amended, filed with the SEC. Any
forward-looking statements that the Company makes in this press
release speak only as of the date of this press release. The
Company assumes no obligation to update forward-looking statements
whether as a result of new information, future events or otherwise,
after the date of this press release.
Corporate Contact:
Ocugen, Inc.
Kelly Beck
kelly.beck@ocugen.com
+1 484-328-4698
Media Contact:
LaVoieHealthScience
Emmie Twombly
etwombly@lavoiehealthscience.com
+1 857-389-6042
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