14.12.2023 13:25:11
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Ocular Therapeutix Prices Public Offering At $3.25/share
(RTTNews) - Biopharmaceutical company, Ocular Therapeutix, Inc. (OCUL), Thursday announced the pricing of an underwritten public offering of 30.8 million shares at $3.25 per share, to raise $100.1 million.
In the pre-market activity, the shares of Ocular are tumbling 16.24 percent to $3.3 on the Nasdaq.
The company said that net proceeds from the offering, along with existing cash from the business, will be used to fund Phase 3 clinical development of AXPAXLI for the treatment of wet AMD, its ongoing SOL pivotal Phase 3 clinical trial, planned second Phase 3 clinical trial, as well as for other corporate purposes.
The public offering is expected to close on or about December 18.
Further, the company has offered a 30-day option to underwriters to purchase an additional 4.62 million shares.
Jefferies, BofA Securities, and Piper Sandler & Co. acted as joint book-runners for this offering.
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