Staar Surgical prices $68m offering

August 8, 2018 By Fink Densford

Staar Surgical (NSDQ:STAA) today priced an upcoming offering of shares, looking to raise up to $67.8 million with proceeds slated to support commercialization of its Collamer lens products and other activities.

In the offering, the Monrovia, Calif.-based company will look to float 1.7 million shares of its common stock at $39 per share.

The offering will also include a 30-day underwriter’s purchase for an additional 260,850 shares of common stock at $39 per share, which could bring in an additional $10.2 million.

Staar Surgical said it expects the offering to close on August 10, with Cannacord Genuity acting as the sole book-runner, according to a press release.

The company said it plans to use funds raised to fund operations including expanding commercialization of its Collamer ICL lenses, research and development and clinical trials and to support automation and precision manufacturing, as well as for general corporate purposes.

In June, Staar Surgical said that it inked a multi-year strategic cooperation deal with Japan’s Kobe Kanagawa Eye Clinic.

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