OIS @ AAO

November 12, 2015

Amar Sawhney, Ph.D., President and CEO

Transforming ophthalmic care withsustained therapies

Forward Looking Statements

Any statements in this presentation about future expectations, plans and prospects for the Company,including statements about the advancement and development of the Company’s product candidates, thetiming and conduct of the Company’s clinical trials, the Company’s plans for regulatory submissions, thepotential utility of the Company’s product candidates and other statements containing the words"anticipate," "believe," "estimate," "expect," "intend", "goal," "may", "might," "plan," "predict," "project,""target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constituteforward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995.Actual results may differ materially from those indicated by such forward-looking statements as a result ofvarious important factors. Such forward-looking statements involve substantial risks and uncertainties thatcould cause the Company’s clinical development programs, future results, performance or achievements todiffer significantly from those expressed or implied by the forward-looking statements. Such risks anduncertainties include, among others, those related to the timing and costs involved in commercializingReSure® Sealant, the initiation and conduct of clinical trials, availability of data from clinical trials andexpectations for regulatory submissions and approvals, the Company’s scientific approach and generaldevelopment progress, the availability or commercial potential of the Company’s product candidates, thesufficiency of cash resources and need for additional financing or other actions and other factors discussedin the “Risk Factors” section contained in the Company’s quarterly and annual reports on file with theSecurities and Exchange Commission. In addition, the forward-looking statements included in this pressrelease represent the Company’s views as of the date of this release. The Company anticipates thatsubsequent events and developments will cause the Company’s views to change. However, while theCompany may elect to update these forward-looking statements at some point in the future, the Companyspecifically disclaims any obligation to do so. These forward-looking statements should not be relied uponas representing the Company’s views as of any date subsequent to the date of this release.

Page 3

Products and Pipeline

Hydrogel Sealant

Anterior Segment Sustained Release

Therapies

Posterior Segment Sustained Release

Injections

Drug-eluting punctum plugs are investigational new drugs and not commercially available in the United States or other geographies.

Transforming ophthalmic care with sustained therapies.

Program and Pipeline Progress

Near-term Milestones Announcedat AAO@OIS 2014

Progress Made in 1 year

Glaucoma • Initiate enrollment for Phase 2b trialfor OTX-TP to treat glaucoma

• Study complete – topline results reported• Plans for Phase 3 underway

Allergy • Phase 2 results for OTX-DP in allergic conjunctivitis

• Results reported in Phase 2• Completed first Phase 3 and reported topline

results

Post-op • Complete Phase 3a and 3b clinical trials for OTX-DP post-surgical inflammation and pain

• Plan for submission of NDA Q2, 2015

• Two Phase 3 studies completed• Third Phase 3 initiated• NDA submitted for pain indication Q3 2015

Anti-VEGF • Demonstrate feasibility for Anti-VEGF hydrogel depot

• Feasibility demonstrated for protein (Stability, release, tolerability shown)

Implications of sustained release therapy

• Vastly improved compliance leads to more assurance of efficacy and reduced disease progression

– >50% of patients discontinue therapy within 12 months for glaucoma

• No reliance on patient administration or frequent dosing

– Control in the hands of the physician

– Entire course of therapy is assured without errors

– Significantly more convenient

• Low-dose, slow-eluting concentrations minimize “peak dose”-related sideeffects

• Preservative-free medications preserve the ocular surface(1)

Maintain efficacy, improve compliance, better safety profile

Page 6

1. Rosin L, Bell N, Clin Ophthalmol 2013:72131–2135

OCUL Clinical Development Approach

Since no currently marketed “front of the eye” sustained therapies exist,adjustments from topical drops clinical trial designs needed:

• Use drugs and mechanisms with known efficacy to reduce development risk

• Conduct Phase 2 trials to titrate study:

– Endpoints and timing of endpoints

– Patient population

– Duration of effect

• Apply learning to design and conduct Phase 3

• Gain initial label and pursue label expansion if appropriate

Page 7

DEXTENZA™ For Ocular Pain

Post-Surgical Ocular Pain Phase 2/3a/3b Results ACHIEVED

Page 8

Phase 2 Phase 3a Phase 3b

DEXTENZA Placebo DEXTENZA Placebo DEXTENZA Placebo

Absence of Pain at Day8

79.3% 31.0% 76.1% 36.1% 77.5% 58.8%

Statistically significant difference vs. placebo

– Statistically significant and consistent efficacy observed with one-time administration at day 8 in both Phase 3 trials and the Phase 2 trial

– Strong safety profile observed in both studies

• Favorable safety data can be used to support additional indications

– NDA submitted September 2015

DEXTENZA For Allergic Conjunctivitis

Page 9

Phase 3 Trial: Mean Ocular Itching Scores at 7 days post-insertion

4

3.5

3

2.5

2

1.5

1

0.5

0

Me

an

Ocu

lar

Itch

ing

Sco

re(0

-4sc

ale

)

OTX-DP (N=35)

Vehicle (N=38)

(p<0.0001) at all post-CAC time points

Pre-CAC 3 5 7

Time (min) Post-CAC

Statistically significant differences (P<0.05) continued at all post-CAC time points at 12-14 days post-insertion and 26-27 days post-insertion

Per FDA guidance, Treatment Success target was to demonstrate:• At least 0.5 units for all 3 post-CAC time points AND• At least 1 unit for majority of post-CAC time points

TREATMENT SUCCESS ACHIEVED

DEXTENZA Label Expansion Strategy

Post-Surgical Ocular Pain

- NDA Filed Q3 2015

Post-Surgical Ocular Inflammation

- Phase 3 trial enrolling

- sNDA expected 2H 2016

Allergic Conjunctivitis

- 1st Phase 3 complete October 2015

- 2nd Phase 3 expected to begin Q4 2015

Page 9

Ease of Insertion and Visualization

Page 10

Sustained Release Travoprost

(OTX-TP) for Glaucoma

Phase 2a and 2b Trials Showed Consistent Effect

Average Change from Baseline 2 (mmHg)

Phase 2a results Phase 2b Results

-5.3 -5.6

Post-hoc Analysis• Results shown with 5-week washout as baseline• Monotherapy patients only• Does NOT account for:

– travoprost washout in treatment group– timolol enhancement in placebo group

8:00 am results

Day ITT population

Post-hoc analysis Baseline 2, no multi-drug

OTX-TP + saline (n=33)

Placebo + Timolol (n=39)

OTX-TP + saline (n=31)

Placebo + Timolol (n=33)

30 -4.5 -6.6 -4.9 -6.2

60 -4.8 -6.4 -5.3 -6.2

90 -5.2 -7.3 -5.7 -7.2

Average -5.1 -7.0 -5.6 -6.7

Difference -1.9 -1.1

ITT Analysis• Results shown with average of week 4 and 5

washout as baseline• Confounding factors identified

– 4-week washout– multi-drug patients– travoprost washout in treatment group– timolol enhancement in placebo group

Sustained Release Travoprost

(OTX-TP) for Glaucoma

Safety

Depot visualization by patient possible

Improved Retention overPhase 2a

Day Phase 2a Phase 2b

60 71% 91%

75 51% 88%

90 37% 48%

• No SAE• No hyperemia change from baseline• Safety consistent with results from phase 2a

• Accurate correlation between physician and patient observations

Phase 2a and 2b Clinical Trials (cont’d)

Dry Eye Clinical Development

and Research

100

1000

10000

100000

0 2 4 8 10 12

Tea

rF

luid

Co

nce

ntr

ati

on

(ng

/m

L)

6

Weeks

Cyclosporine (Restasis1) drops 1 hour

Cyclosporine (Restasis1) drops 12 hours

10T-cell activation inhibition IC 2

50

1

OTX-CP Depot

Beagle Tear Fluid Results

1. Restasis is a trademark of Allergan,Inc.2. Umland, et al. (1999). American Journal of Respiratory Cell and Molecular Biology 20,481–492.

• Clinical Development: Exploratory Phase 2 DEXTENZA Inflammatory Dry Eye study

• Topline data expected 4Q ’15

• Research: Cyclosporine pre-clinical study results

• Single administration intracanalicular depot with 3-month release

Back of the Eye Program – Parallel Path

Page15

• Goals of feasibility collaborations ACHIEVED• Protein stability• Tolerability

• Release profile

• Seek partnership for anti-VEGF drug

Protein Therapeutics

• Pursue internal development

• Initial PK/PD demonstrated

Small Molecule Drugs

Tyrosine Kinase Inhibitors (TKIs)

Posterior Segment Sustained Release

Injections

TKI candidate

• Slow dissolving - targeting 6 month delivery

• Highly potent and selective

– VEGFR-2, PDGFR-β, TIE-2

• In preclinical studies (rabbit)

– PD and PK (in excess of 1000x IC50 levels)

– Good tolerability

Placebo

No Inhibition- Leakage Inhibition-No Leakage

Inhibition of pre-clinical VEGF-induced leakage

OCUL Injection with TKI

Future Potential Milestones

• Report topline efficacy results for the Phase 2 exploratory trial of DEXTENZA for the treatment of inflammatory dry eye in 4Q 2015

• Conduct 2nd Phase 3 trial for allergic conjunctivitis

• Finalize clinical trial design for 1st Phase 3 OTX-TP trial

• Gain NDA approval of DEXTENZA™ for post-surgical pain

• File NDA supplement for allergic conjunctivitis

• File NDA supplement for post-surgical inflammation

• Complete pre-clinical development for TKI program

Page 17