Clearside Biomedical (Nasdaq:CLSD) announced that it entered into a securities purchase agreement worth proceeds of approximately $15 million.
The company agreed with institutional investors and an existing stockholder on the purchase and sale of 11.1 million shares of common stock and warrants. It set the offer price for one share of common stock and warrant at $1.35. Warrants to purchase one share of common stock have an exercise price of $1.62 per share.
Clearside set the term for the warrants for five years, exercisable six months from the issuance date. The company expects the offering to close on or about Feb. 9.
Alpharetta, Georgia-based Clearside develops the SCS Microinjector suprachoroidal injection device. It enables an in-office, repeatable, non-surgical procedure for the targeted and compartmentalized delivery of a wide variety of therapies to the macula, retina, or choroid to potentially preserve and improve vision in patients with sight-threatening eye diseases.
The company plans to use proceeds for working capital and general corporate purposes. It believes the funds raised, together with current cash and investments, should fund operations through the third quarter of 2025, according to a news release.