Ocular Therapeutix, Inc. has just announced a significant milestone with the completion of a $325.0 million private placement. This move is expected to have a substantial impact on the company's operations and its pursuit of innovative therapies for eye diseases and conditions.
According to the company's press release, the private placement involves the sale of 32,413,560 shares of its common stock at a price of $7.52 per share, as well as pre-funded warrants to purchase up to an aggregate of 10,805,957 shares of its common stock at a price of $7.519 per pre-funded warrant. The private placement is anticipated to close on February 26, 2024.
CEO Antony Mattessich expressed optimism about the potential of this funding, stating, "We are pleased to have the support of such a strong group of investors as we continue to advance our pipeline of innovative therapies for eye conditions."
The company intends to utilize the net proceeds from this private placement, in conjunction with its existing cash and cash equivalents, to accelerate the clinical development of AXPAXLI™ for the treatment of wet AMD and to bolster its other clinical development programs. These funds will also be allocated for working capital and general corporate purposes.
Ocular Therapeutix, Inc. has seen a significant uptick in its shares, with a 29.4% increase, leading to a trading price of $9.73.
The full 8-K submission outlining the details of this private placement is available here.
