Ocular Therapeutix said this morning that it plans to put up 5 million shares at $13 apiece on the NASDAQ exchange today.
That’s a dollar below the projected price range the Bedford, Mass.-based company issued earlier this month.
The stock, trading under the OCUL symbol, could pull in $65 million at that price, below the $70 million to $80 million Ocular Therapeutix proposed July 11. The offering includes a 30-day underwriters over-allotment of up to 750,000 shares, according to a press release.
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.