Ocugen announced the completion of its merger with Histogenics, and the change of the combined company’s name to “Ocugen, Inc.” Ocugen is expected to begin trading today on The Nasdaq Capital Market under the ticker symbol “OCGN.” The executive team of Ocugen has become the executive team of the combined company, led by Shankar Musunuri, PhD, MBA, as Chairman, Chief Executive Officer and Co-Founder.
“Today marks the beginning of a new chapter for Ocugen, as a publicly traded company” Dr. Musunuri said in a company news release. “We believe shareholders will benefit from our broad pipeline, which includes OCU300, an orphan drug candidate for ocular graft versus host disease in phase 3 clinical trials, our modifier gene therapy platform, and OCU400, our first gene therapy product with two distinct orphan drug designations for patients with inherited retinal diseases, and our retinal disease programs in wet age-related macular degeneration and retinitis pigmentosa.”
Also as previously announced, the combined company has a seven-person board, comprised of the following directors: Dr. Shankar Musunuri (who serves as Chairman of the Board), Uday B. Kompella, PhD (Co-Founder), Ramesh Kumar, PhD, Frank N. Leo, Manish Potti, Suha Taspolatoglu, MD, and John Zhang, PhD.
Immediately prior to the merger, Ocugen completed a private placement financing of approximately $25 million under the terms of the securities purchase agreement previously announced in August 2019. Additionally, immediately prior to the merger, Histogenics effected a reverse stock split of its common stock at a ratio of 1-for-60. As a result of the merger, after taking into account the reverse stock split, stockholders of Ocugen prior to the merger received shares of common stock of the combined company at an exchange rate of 0.4794.