Ocular Therapeutix (NSDQ:OCUL) said it expects to reap $66 million from a follow-on offering of 4 million shares, after underwriting expenses, as it pushes forward with its drug-device combination for treating post-surgical ocular pain.
The Bedford, Mass.-based company last week priced the offering at $22 per share for both the 3.2 million shares it’s floating and the 800,000 shares other stockowners are putting up, according to a regulatory filing. The offering is expected to gross $88 million, with $66.2 million going to Ocular, $16.5 million to other shareholders and $5.3 million to the underwriters.
The offering includes a 30-day underwriters over-allotment of 600,000 shares, according to the filing.
Ocular Therapeutix said last month that it plans to submit an FDA application to broaden the indication for its OTX-DP drug-device combination, now called Dextenza, for use in treating.
OCUL share prices plunged in April after OTX-DP failed to meet a key endpoint in the 2nd clinical trial of the eye drug in reducing pain and inflammation after cataract surgery. The treatment is designed to deliver sustained dosage over 4 weeks of the drug dexamethasone, using a hydrogel plug inserted into a tear duct. The plug then dissolves and is flushed from the body as tears.