Bedford, Mass.-based Ocular Therapeutix (NSDQ:OCUL) raised $74.8 million though its initial public offering after underwriters fully exercised an over-allotment option to snag additional shares.
Underwriters picked up an extra 750,000 units at the $13 IPO price, bringing total OCUL shares to nearly 5.8 million. The company is taking home net proceeds of about $66.5 million after discounts and expenses, according to a press release.
Ocular Therapeutix launched its IPO late last month with shares priced below range at $13 apiece. The company had originally expected to offer shares at $14-$16, which would have brought in $70-$80 million. OCUL shares have gained 10.7% since opening day and were trading at $14.60 as of about 12:15 p.m. EST today.
The new funding will go primarily to advance the company’s drug delivery portfolio, CFO Brad Smith told MassDevice.com. The company is pursuing a phase 3 clinical trial of its OTX-DP punctum plug for treating post-surgical inflammation and pain, a phase 2b trial of its OTX-TP product for reducing intraocular pressure and phase 2 trials examining its OTX-DP product for treating allergic conjunctivitis.
Other proceeds from the IPO will help the company expand its sales and marketing infrastructure as well as its manufacturing capabilities. The company hopes it’ll need the boost once it secures FDA approval for the OTX-TP product.
Ocular Therapeutix won pre-market approval from the FDA this year for its ReSure sealant, designed to prevent wound leaks from eye surgery incisions.
Updated Aug. 20, 2014 with comment from Ocular Therapeutix.
