Ocular Therapeutix™, Inc. (NASDAQ: OCUL), a biopharmaceutical
company focused on the formulation, development, and
commercialization of innovative therapies for diseases and
conditions of the eye, today announced the pricing of an
underwritten public offering of 8,181,819 shares of its common
stock at a public offering price of $5.50 per share for gross
proceeds of approximately $45 million, before deducting
underwriting discounts and commissions and other offering expenses
payable by the Company. In addition, the Company has granted the
underwriters of the offering a 30-day option to purchase up to an
additional 1,227,272 shares in the public offering on the same
terms and conditions. All of the shares in the offering are to be
sold by the Company. The offering is expected to close on or about
May 22, 2020, subject to the satisfaction of customary closing
conditions.
Jefferies LLC and Piper Sandler & Co. are acting as joint
book-running managers for the offering. Raymond James &
Associates, Inc., JMP Securities LLC and H.C. Wainwright & Co.,
LLC are acting as co-managers for the offering.
The offering is being made pursuant to a shelf registration
statement on Form S-3 that was previously filed with and declared
effective by the Securities and Exchange Commission (SEC). The
offering is made only by means of a prospectus supplement and the
accompanying prospectus that form a part of the registration
statement. Before investing in the offering, interested parties
should read the prospectus supplement and the accompanying
prospectus for the offering and the other documents the Company has
filed with the SEC, which are incorporated by reference in the
prospectus supplement and the accompanying prospectus for the
offering and which provide more complete information about the
Company and the offering. Electronic copies of the preliminary
prospectus supplement and the accompanying prospectus for the
offering are available on the website of the SEC at www.sec.gov,
and the final prospectus supplement relating to the offering will
be filed with the SEC. Copies of the preliminary prospectus
supplement, the final prospectus supplement, when available, and
the accompanying prospectus relating to this offering may also be
obtained by contacting Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 2nd Floor, NY 10022, by
telephone: (877) 821-7388, or by email:
Prospectus_Department@Jefferies.com or Piper Sandler & Co.,
Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, by telephone: (800) 747-3924, or by email:
prospectus@psc.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful, prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc. is a biopharmaceutical company focused
on the formulation, development, and commercialization of
innovative therapies for diseases and conditions of the eye using
its proprietary bioresorbable hydrogel-based formulation
technology. Ocular Therapeutix’s first commercial drug product,
DEXTENZA®, is FDA-approved for the treatment of ocular inflammation
and pain following ophthalmic surgery. Ocular Therapeutix has
recently completed a Phase 3 clinical trial evaluating DEXTENZA for
the treatment of ocular itching associated with allergic
conjunctivitis and intends to file an sNDA by the end of 2020.
OTX-TP (intracanalicular travoprost insert) is an intracanalicular
insert in clinical development for the reduction of intraocular
pressure in patients with primary open-angle glaucoma and ocular
hypertension. The Company’s earlier stage development assets
include OTX-CSI, an intracanalicular cyclosporine insert for the
treatment of dry eye disease, OTX-TIC, an extended-delivery
intracameral travoprost implant for the reduction of intraocular
pressure in patients with glaucoma and ocular hypertension, as well
as sustained release intravitreal implants for the treatment of
retinal diseases. These intravitreal implants include OTX-TKI,
containing the tyrosine kinase inhibitor (TKI) axitinib, and, in
collaboration with Regeneron, OTX-IVT, an extended-delivery
protein-based anti-vascular endothelial growth factor (VEGF) trap.
Ocular Therapeutix's first product, ReSure® Sealant, is
FDA-approved to seal corneal incisions following cataract
surgery.
Forward Looking Statements
Any statements in this press release about future expectations,
plans, and prospects for the Company, including the Company’s
expectations and plans regarding the underwritten public offering,
the Company’s anticipated use of proceeds of the offering, the
commercialization of DEXTENZA®, ReSure Sealant, or any of the
Company’s product candidates; the commercial launch of, and
effectiveness of reimbursement codes for, DEXTENZA; the development
and regulatory status of the Company’s product candidates, such as
the Company’s development of and prospects for approvability of
DEXTENZA for additional indications including allergic
conjunctivitis, OTX-TP for the treatment of primary open-angle
glaucoma and ocular hypertension, OTX-CSI for the treatment of dry
eye disease, OTX-TIC for the treatment of primary open-angle
glaucoma and ocular hypertension, OTX-TKI for the treatment of
retinal diseases including wet AMD, and OTX-IVT as an
extended-delivery formulation of the VEGF trap aflibercept for the
treatment of retinal diseases including wet AMD; the Company’s
intention to file an sNDA for DEXTENZA for the treatment of ocular
itching associated with allergic conjunctivitis; the ongoing
development of the Company’s extended-delivery hydrogel depot
technology; the potential utility of any of the Company’s product
candidates; the potential benefits and future operation of the
collaboration with Regeneron Pharmaceuticals, including any
potential future payments thereunder; the expected impact of the
COVID-19 pandemic on the Company and its operations; the
sufficiency of the Company’s cash resources and other statements
containing the words “anticipate,” “believe,” “estimate,” “expect,”
“intend”, “goal,” “may”, “might,” “plan,” “predict,” “project,”
“target,” “potential,” “will,” “would,” “could,” “should,”
“continue,” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors. Such forward-looking statements involve
substantial risks and uncertainties that could cause the Company’s
clinical development programs, future results, performance or
achievements to differ significantly from those expressed or
implied by the forward-looking statements. Such risks and
uncertainties include, among others, the timing and costs involved
in commercializing DEXTENZA, ReSure Sealant or any product
candidate that receives regulatory approval, including the conduct
of post-approval studies, the ability to retain regulatory approval
of DEXTENZA, ReSure Sealant or any product candidate that receives
regulatory approval, the ability to maintain reimbursement codes
for DEXTENZA, the initiation, timing and conduct of clinical
trials, availability of data from clinical trials and expectations
for regulatory submissions and approvals, the Company’s scientific
approach and general development progress, the availability or
commercial potential of the Company’s product candidates, the
Company’s ability to generate its projected net product revenue on
the timeline expected, if at all, the sufficiency of cash
resources, the Company’s existing indebtedness, the ability of the
Company’s creditors to accelerate the maturity of such indebtedness
upon the occurrence of certain events of default, the outcome of
the Company’s ongoing legal proceedings, the severity and duration
of the COVID-19 pandemic including its effect on the Company’s and
relevant regulatory authorities’ operations and the financial
markets, the satisfaction of customary closing conditions related
to the proposed underwritten public offering, the need for
additional financing or other actions and other factors discussed
in the “Risk Factors” section contained in the preliminary
prospectus supplement related to the public offering and the
Company’s quarterly and annual reports on file with the Securities
and Exchange Commission. In addition, the forward-looking
statements included in this press release represent the Company’s
views as of the date of this release. The Company anticipates that
subsequent events and developments will cause the Company’s views
to change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so except as required
by law. These forward-looking statements should not be relied upon
as representing the Company’s views as of any date subsequent to
the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200520005410/en/
Investors Ocular Therapeutix Donald Notman Chief Financial
Officer dnotman@ocutx.com or Westwicke, an ICR Company Chris
Brinzey Managing Director chris.brinzey@westwicke.com Media Ocular
Therapeutix Scott Corning Senior Vice President, Commercial
scorning@ocutx.com
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