Ocuphire Shares Rally Premarket as FDA Approves Ryzumvi Eye Drops

By Colin Kellaher

Shares of Ocuphire Pharma rose sharply in premarket trading Wednesday after the ophthalmic biopharmaceutical company and partner Viatris won U.S. Food and Drug Administration approval of their Ryzumvi eye drops.

Ocuphire and Viatris on Wednesday said the approval covers Ryzumvi for the treatment of pharmacologically-induced mydriasis produced by adrenergic agonists or parasympatholytic agents.

Ocuphire, based in Farmington Hills, Mich., last year inked a licensing agreement for the development and commercialization of Ryzumvi with FamyGen Life Sciences, which healthcare company Viatris acquired earlier this year.

Ocuphire and Viatris said they expect Ryzumvi to be commercially available in the U.S. in the first half of 2024.

Shares of Ocuphire, which closed Tuesday at $4.02, were recently up 9.5% to $4.40 in premarket trading.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

09-27-23 0843ET