Visiox Pharmaceuticals to be Listed on Nasdaq Through Combination with PowerUp Acquisition
Visiox Pharmaceuticals and PowerUp Acquisition Corp. announced the execution of a definitive agreement for a business combination that would result in Visiox becoming a publicly traded company on the Nasdaq Capital Market. The business combination is expected to close in the first quarter of 2024, and upon closing the combined company will be named Visiox Holdings, Inc. with its common stock and warrants expected to be listed on Nasdaq under the ticker symbols "VSXP" and "VSXPW," respectively.
Financial terms of the deal were not disclosed.
Upon the closing of the transaction, Visiox will continue to be led by current CEO Ryan Bleeks. Mr. Bleeks is a pharmaceutical executive with more than 22 years of ophthalmology industry experience.
Visiox’s pipeline includes treatments for patients with ocular hypertension, open angle glaucoma, and post-surgical inflammation and pain. In July, Visiox entered into a definitive agreement with Santen Pharmaceutical to license glaucoma drug Omlonti (omidenepag isopropyl ophthalmic solution 0.002%). Omlonti was approved by the FDA in September 2022 for the reduction of elevated IOP in patients with primary open-angle glaucoma or ocular hypertension. Omidenepag isopropyl, the active pharmaceutical ingredient in Omlonti, which was developed jointly by Santen and UBE, is a relatively selective prostaglandin EP2 receptor agonist, which increases aqueous humor drainage through the conventional (or trabecular) and uveoscleral outflow pathways, and the only product with this pharmacological action. Visiox plans to launch Omlonti in early 2024. Visiox’s PDP-716 (brimonidine) 0.35% is a once daily brimonidine with TearAct technology for glaucoma. It is expected to launch in early 2025.
“The Visiox/Powerup announcement represents the next major milestone on our journey to provide solutions for patients with ophthalmic conditions in need of new treatment options,” Mr. Bleeks said in a company news release. “We anticipate that the funds anticipated to be available to us from this transaction will help us accelerate the commercialization of Omlonti, PDP-716, and SDN-037.”
"We are very excited to be taking definitive steps, and planning for the successful combination of PowerUp and Visiox, and for the patients who will benefit from Visiox's innovative ophthalmic therapies. We congratulate Ryan and his team on this milestone achievement," said Suren Ajjarapu, Chairman and CEO of PowerUp.