Ocular Therapeutix is looking to raise as much as $80 million in a forthcoming initial public offering, the company said today.
Bedford, Mass.-based Ocular Therapeutix said it plans to offer 5 million shares at $14 to $16 apiece, making the IPO worth $70 million to $80 million.
The company plans to list its stock on the NASDAQ exchange under the "OCUL" symbol, according to a regulatory filing. At the midpoint of its proposed price range, Ocular Therapeutix would command a $325 million market capitalization.
Ocular Therapeutix founder, president & CEO Amar Sawhney declined to comment when reached by MassDevice.com.
Early this year the company won pre-market approval from the FDA for its ReSure sealant, designed to prevent wound leaks from eye surgery incisions. Ocular Therapeutix filed for PMA approval in February 2013, based on a 488-patient clinical trial. The application sought approval for 2 indications, 1 for wound leaks and another for prevention of post-operative fluid flow.
An FDA panel in September 2013 recommended that the FDA approve ReSure, although panelists were split on questions of efficacy and whether the benefits of the device outweigh its risks. Some panelists said they were unable to adequately assess the benefits vs. the risks of ReSure or whether it proved superiority over suture, given the conduct of the study, which included 370 protocol deviations.