<SEC-DOCUMENT>0001104659-21-039422.txt : 20210322
<SEC-HEADER>0001104659-21-039422.hdr.sgml : 20210322
<ACCEPTANCE-DATETIME>20210322082748
ACCESSION NUMBER:		0001104659-21-039422
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210322
DATE AS OF CHANGE:		20210322
EFFECTIVENESS DATE:		20210322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ocugen, Inc.
		CENTRAL INDEX KEY:			0001372299
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-254549
		FILM NUMBER:		21759971

	BUSINESS ADDRESS:	
		STREET 1:		5 GREAT VALLEY PARKWAY
		STREET 2:		SUITE 160
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		484-328-4698

	MAIL ADDRESS:	
		STREET 1:		5 GREAT VALLEY PARKWAY
		STREET 2:		SUITE 160
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HISTOGENICS CORP
		DATE OF NAME CHANGE:	20060810
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm219995d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the United States Securities
and Exchange Commission on March 22, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333- </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OCUGEN, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B>&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>04-3522315</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or<BR>
organization)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer Identification No.)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>263 Great Valley Parkway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Malvern, Pennsylvania 19355</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(484) 328-4701<BR>
</B>(Address, including zip code, of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
OCUGEN, INC. 2019 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
(Full title of the plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shankar Musunuri<BR>
Chairman of the Board and Chief Executive Officer<BR>
Ocugen,&nbsp;Inc.<BR>
263 Great Valley Parkway<BR>
Malvern, Pennsylvania 19355<BR>
(484)&nbsp;328-4701<BR>
</B>(Name, address and telephone number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rachael M. Bushey, Esq.<BR>
Jennifer L. Porter, Esq.<BR>
Troutman Pepper Hamilton Sanders&nbsp;LLP<BR>
3000 Two Logan Square<BR>
Philadelphia, Pennsylvania 19103<BR>
(215)&nbsp;981-4331</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the Registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Securities Exchange
Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD>
    <TD STYLE="width: 22%; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">CALCULATION
OF REGISTRATION FEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Title of Each Class of Securities to<BR> be Registered</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount to be<BR> Registered (1)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Proposed Maximum<BR> Offering Price Per<BR> Share</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Proposed Maximum<BR> Aggregate Offering<BR> Price</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount of<BR> Registration Fee</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Common stock, $0.01 par value per share, reserved for issuance pursuant to 2019 Equity Incentive Plan</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,360,475</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.85</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">65,140,203.75</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,106.80</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,360,475</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">65,140,203.75</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,106.80</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-top: 0.05in; padding-bottom: 0.05in; font-size: 10pt">(1) Pursuant to Rule 416 of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), this Registration Statement on Form S-8 shall also cover any additional shares of common stock, par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;), of Ocugen, Inc. (the &ldquo;<U>Company</U>&rdquo;), which become issuable under the above-named plan by reason of any future stock dividend, stock split, recapitalization or other similar transaction or to cover such additional shares as may hereinafter be offered or issued to prevent dilution resulting from stock splits, stock dividends, recapitalizations or certain other capital adjustments, effected without the receipt of consideration by the Company, which results in an increase in the number of the outstanding shares of Common Stock.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in; font-size: 10pt">(2) Represents 7,360,475 shares of Common Stock of the Company that were added to the shares authorized for issuance under the Ocugen, Inc. 2019 Equity Incentive Plan (the &ldquo;<U>2019 Plan</U>&rdquo;) on January 4, 2021, pursuant to an &ldquo;evergreen&rdquo; provision contained in the 2019 Plan. Pursuant to such provision in the 2019 Plan, as of the first business day of each fiscal year, the aggregate number of shares of Common Stock that may be issued under the 2019 Plan shall automatically increase by a number equal to the lesser of (x) 4.0% of the total number of shares of Common Stock outstanding on December 31 of the immediately preceding calendar year, or (y) such lesser number of shares of Common Stock determined by the Company&rsquo;s Board of Directors.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in; font-size: 10pt">(3) This estimate is made pursuant to Rule 457(c)
and Rule 457(h) of the Securities Act solely for the purpose of calculating the registration fee on the basis of the average of
the high and low prices of the Registrant&rsquo;s common stock as reported on The Nasdaq Capital Market on March 19, 2021.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXPLANATORY NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Registration Statement on Form S-8
(the &ldquo;<U>Registration Statement</U>&rdquo;) is being filed for the purpose of registering an additional 7,360,475 shares
of common stock, par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;) of Ocugen, Inc. (the &ldquo;<U>Registrant</U>&rdquo;),
issuable pursuant to the Ocugen, Inc. 2019 Equity Incentive Plan (the &ldquo;<U>2019 Plan</U>&rdquo;). These additional shares
of Common Stock have become reserved for issuance as a result of the operation of the &ldquo;evergreen&rdquo; provision in the
2019 Plan, which provides that the total number of shares subject to such plan will be increased on the first day of each fiscal
year pursuant to a specified formula or will be increased to such lesser total number of shares as may be determined by the Board.
Upon the effectiveness of this Registration Statement, an aggregate of 11,527,109 shares of Common Stock will be registered for
issuance from time to time under the 2019 Plan. The contents of the previous Registration Statement on Form S-8 filed by the Registrant
with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) on March 27, 2020 (File No. 333-237454), to the
extent not otherwise amended or superseded by the contents hereof, are incorporated by reference into this Registration Statement
pursuant to General Instruction&nbsp;E of Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Item 3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Incorporation of Documents by Reference.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents of the Registrant,
filed or to be filed with the Commission, are incorporated by reference in this Registration Statement as of their respective dates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>the
Registrant&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1372299/000162828021005124/ocgn-20201231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Commission on March 19, 2021</A>, which contains the Company&rsquo;s audited financial statements for the latest fiscal year for which such statements
have been filed (the &ldquo;<U>2020 Form 10-K</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Registrant&rsquo;s Current Reports on Form 8-K (other than portions thereof furnished under Item&nbsp;2.02 or Item&nbsp;7.01
of Form 8-K and exhibits accompanying such reports related to such items) filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000162828021000304/ocgn-20210108x8k.htm" STYLE="-sec-extract: exhibit">January
8, 2021</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1372299/000110465921003347/tm212900d1_8k.htm" STYLE="-sec-extract: exhibit">January
12, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000162828021001458/ocgn-20210202x8k.htm" STYLE="-sec-extract: exhibit">February
4, 2021</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1372299/000110465921016781/tm215707d2_8k.htm" STYLE="-sec-extract: exhibit">February
9, 2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000162828021002739/ocgn-20210223x8k.htm" STYLE="-sec-extract: exhibit">February
23, 2021</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1372299/000110465921031198/tm218561d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;3,
2021</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000162828021004062/ocgn-20210305x8k.htm" STYLE="-sec-extract: exhibit">March
5, 2021</A><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"> and <A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465921037782/tm2110092d1_8k.htm" STYLE="-sec-extract: exhibit">March 17, 2021</A>;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the description of the Registrant&rsquo;s Common Stock contained in its registration statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000119312514416483/d822694d8a12b.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A filed with the Commission on November 18, 2014 (File No. 001-36751)</A>, together with any amendments or reports filed for the purposes of updating
this description, including <A HREF="https://www.sec.gov/Archives/edgar/data/1372299/000162828021005124/ocgn-20201230x10kxex41.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to our 2020 Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">All
documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the
filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a
part hereof from the date of filing of such documents; provided, however, that documents or information deemed to have been furnished
and not filed in accordance with Commission rules shall not be deemed incorporated by reference into this Registration Statement.
Any statement contained herein or in a document, all or a portion of which is incorporated or deemed to be incorporated by reference
herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or amended, to constitute a part of this Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Item 8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-weight: normal">Exhibits.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents are filed as exhibits
to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-top: 0.05in; padding-bottom: 0.05in"><FONT STYLE="font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="width: 2%; padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="width: 88%; padding-top: 0.05in; padding-bottom: 0.05in; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000119312514436359/d834595dex31.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000119312514436359/d834595dex31.htm" STYLE="-sec-extract: exhibit">Sixth Amended and Restated Certificate of Incorporation of Ocugen, Inc. (incorporated herein by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K (File No. 001-36751) filed on December 8, 2014).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465919052266/a19-19180_3ex3d1.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465919052266/a19-19180_3ex3d1.htm" STYLE="-sec-extract: exhibit">Amendment to Sixth Amended and Restated Certificate of Incorporation of Ocugen, Inc., dated September 27, 2019 (incorporated herein by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K (File No. 001-36751) filed on October 1, 2019).</A></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465919052266/a19-19180_3ex3d2.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465919052266/a19-19180_3ex3d2.htm" STYLE="-sec-extract: exhibit">Amendment to Sixth Amended and Restated Certificate of Incorporation of Ocugen, Inc., dated September 27, 2019 (incorporated herein by reference to Exhibit 3.2 to the Registrant&rsquo;s Current Report on Form 8-K (File No. 001-36751) filed on October 1, 2019).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465919052266/a19-19180_3ex3d3.htm" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465919052266/a19-19180_3ex3d3.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws of Ocugen, Inc. (incorporated herein by reference to Exhibit 3.3 to the Registrant&rsquo;s Current Report on Form 8-K (File No. 001-36751) filed on October 1, 2019).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="tm219995d1_ex5-1.htm">5.1*</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="tm219995d1_ex5-1.htm">Opinion of Troutman Pepper Hamilton Sanders LLP as to the legality of the securities being registered.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="tm219995d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1*</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="tm219995d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of Ernst &amp; Young LLP, independent registered public accounting firm for Ocugen, Inc.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="tm219995d1_ex5-1.htm">23.2*</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="tm219995d1_ex5-1.htm">Consent of Troutman Pepper Hamilton Sanders LLP (included in Exhibit 5.1).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="#a_001">24.1*</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="#a_001">Powers of Attorney (included on the signature page of the Registration Statement).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465919061672/a19-22199_1def14a.htm#APPENDIXA_065112" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000110465919061672/a19-22199_1def14a.htm#APPENDIXA_065112" STYLE="-sec-extract: exhibit">Ocugen, Inc. 2019 Equity Incentive Plan (filed as Appendix A to the Registrant&rsquo;s Proxy Statement on Schedule 14A as filed on November 8, 2019, and incorporated herein by reference).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000162828020004221/ocgn-20191231x10kxex10.htm" STYLE="-sec-extract: exhibit">99.2</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000162828020004221/ocgn-20191231x10kxex10.htm" STYLE="-sec-extract: exhibit">Form of Incentive Stock Option Agreement under Ocugen, Inc. 2019 Equity Incentive Plan (filed as exhibit 10.29 to the Registrant's Form 10-K as filed on March 27, 2020, and incorporated herein by reference).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000162828020004221/ocgn-20191231x10kxex101.htm" STYLE="-sec-extract: exhibit">99.3</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="http://www.sec.gov/Archives/edgar/data/1372299/000162828020004221/ocgn-20191231x10kxex101.htm" STYLE="-sec-extract: exhibit">Form of Nonstatutory Stock Option Agreement under Ocugen, Inc. 2019 Equity Incentive Plan (filed as exhibit 10.30 to the Registrant's Form 10-K as filed on March 27, 2020, and incorporated herein by reference).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="https://www.sec.gov/Archives/edgar/data/1372299/000162828021005124/ocgn-20201231x10kxex107.htm" STYLE="-sec-extract: exhibit">99.4</A></TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-bottom: 0.05in"><A HREF="https://www.sec.gov/Archives/edgar/data/1372299/000162828021005124/ocgn-20201231x10kxex107.htm" STYLE="-sec-extract: exhibit">Form of Restricted Stock Unit Agreement under Ocugen, Inc. 2019 Equity Incentive Plan (filed as exhibit 10.7 to the Registrant's Form 10-K as filed on March 19, 2021, and incorporated herein by reference).</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 0.05in; padding-bottom: 0.05in">* Filed herewith.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>SIGNATURES</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the Borough of Malvern, Commonwealth of Pennsylvania, on this 22<SUP>nd</SUP> day of March, 2021.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp; &nbsp;</TD>
<TD COLSPAN="2"><B>OCUGEN, INC.</B></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: top">
<TD STYLE="font-size: 8pt; width: 50%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 8pt; width: 4%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 8pt; width: 46%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp; &nbsp;</TD>
<TD>By:</TD>
<TD STYLE="border-bottom: Black thin solid">/s/ Shankar Musunuri&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp; &nbsp;</TD>
<TD>&nbsp; &nbsp;</TD>
<TD>Shankar Musunuri&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp; &nbsp;</TD>
<TD>&nbsp; &nbsp;</TD>
<TD><I>Chairman of the Board and Chief Executive Officer</I></TD></TR>
</TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">POWER OF
ATTORNEY</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, the undersigned officers and directors
of Ocugen, Inc., hereby severally constitute and appoint Shankar Musunuri and Sanjay Subramanian, our true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution in her or him for her or him and in her or his name, place and stead,
and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement,
and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite
or necessary to be done in and about the premises, as full to all intents and purposes as she or he might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent, or her or his substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities held on the dates
indicated.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Shankar Musunuri</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman, Chief Executive Officer and Director</FONT></TD>
    <TD STYLE="text-align: center">March 22<FONT STYLE="font-size: 10pt">, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Shankar Musunuri</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Sanjay Subramanian</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="text-align: center">March 22<FONT STYLE="font-size: 10pt">, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Sanjay Subramanian</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">/s/ Kirsten Castillo </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">March 22<FONT STYLE="font-size: 10pt">, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Kirsten Castillo </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Uday B. Kompella</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">March 22<FONT STYLE="font-size: 10pt">, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Uday B. Kompella </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Ramesh Kumar</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">March 22<FONT STYLE="font-size: 10pt">, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Ramesh Kumar </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Prabhavathi Fernandes</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">March 22<FONT STYLE="font-size: 10pt">, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Prabhavathi Fernandes</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Manish Potti</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">March 22<FONT STYLE="font-size: 10pt">, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Manish Potti</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Suha Taspolatoglu</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">March 22, <FONT STYLE="font-size: 10pt">2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Suha Taspolatoglu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">/s/ Junge Zhang</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">March 22<FONT STYLE="font-size: 10pt">, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Junge Zhang </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt">.</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm219995d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5.75in"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;5.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0; text-indent: 5.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 5.75in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Troutman Pepper Hamilton Sanders LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3000 Two Logan Square, Eighteenth and Arch Streets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103-2799</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">troutman.com</P>

</TD>
    <TD STYLE="text-align: right; width: 50%"><IMG SRC="tm219995d1_ex5-1img001.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 5.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 4in">March&nbsp;22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ocugen,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">263 Great Valley Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Malvern, Pennsylvania 19355</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Reference
is made to the registration statement on Form&nbsp;S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;) of Ocugen,&nbsp;Inc.,
a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), filed on the date hereof with the Securities and Exchange Commission
(the &ldquo;<B>Commission</B>&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;). The
Registration Statement covers an aggregate of 7,360,475 shares (the &ldquo;<B>Shares</B>&rdquo;) of the Company&rsquo;s Common
Stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;), issuable under the Company&rsquo;s 2019 Equity Incentive
Plan (the &ldquo;<B>2019 Plan</B>&rdquo;). You have requested that we render the opinion set forth in this letter and we are furnishing
this opinion to you pursuant to the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Securities Act, in connection
with the filing of the Registration Statement. No opinion is expressed herein as to any matter pertaining to the contents of the
Registration Statement or the related prospectuses, other than as expressly stated herein with respect to the issuance of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">For
purposes of this opinion letter, we have examined the Registration Statement, including the exhibits thereto, the originals or
copies, certified or otherwise identified to our satisfaction, of the Sixth Amended and Restated Articles of Incorporation, as
amended, and the Amended and Restated Bylaws of the Company, the 2019 Plan and such agreements, instruments and documents as we
have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents,
we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of
all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of
all documents submitted to us as copies (including telecopies).&nbsp; We have also assumed that the Shares, when issued, will not
exceed the maximum authorized number of shares of Common Stock under the Company&rsquo;s Sixth Amended and Restated Certificate
of Incorporation, as amended from time to time, minus that number of shares of Common Stock that may have been issued and are outstanding,
or are reserved for issuance for other purposes, at such time. As to all matters of fact, we have relied on the representations
and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ocugen,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March&nbsp;22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Page&nbsp;2</P>

</TD>
    <TD STYLE="text-align: right; width: 50%"><IMG SRC="tm219995d1_ex5-1img001.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Subject
to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have
been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchasers and have
been issued and sold by the Company against in the circumstances contemplated by the 2019 Plan, assuming in each case that the
individual issuances, grants or awards under the 2019 Plan are duly authorized by all necessary corporate action and duly issued,
granted or awarded and exercised in accordance with the requirements of law and the 2019 Plan (and the agreements and awards duly
adopted thereunder and in accordance therewith), the Shares will be legally and validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We
are opining herein as to the General Corporation Law of the State of Delaware, and we express no opinion with respect to the applicability
thereto, or the effect thereon, of the laws of any other jurisdiction or any other laws, or as to any matters of municipal law
or the laws of any local agencies within any state, and the federal laws of the United States of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">This
opinion letter is given as of the date hereof, and we assume no obligation to supplement this opinion if any applicable law changes
after the date hereof or if we become aware of any facts or circumstances that may change the opinions expressed herein after the
date hereof. This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by
persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement.&nbsp; In rendering this opinion and giving
this consent, we do not admit that we are an &ldquo;expert&rdquo; within the meaning of the Securities Act or the rules&nbsp;and
regulations of the Commission thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ TROUTMAN PEPPER HAMILTON SANDERS LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TROUTMAN PEPPER HAMILTON SANDERS LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm219995d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in the Registration Statement (Form S-8) pertaining to the Ocugen, Inc. 2019 Equity Incentive Plan of our report dated March 19,
2021, with respect to the consolidated financial statements of Ocugen, Inc., included in its Annual Report (Form 10-K) for the
year ended December 31, 2020, filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, Pennsylvania</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tm219995d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
