Clearside Biomedical (NSDQ:CLSD) today priced its $36 million initial public offering, floating 4 million shares at $9 apiece and including a 30-day underwriters option for 600,000 more shares.
Alpharetta, Ga.-based Clearside said it plans to use theIPO proceeds to fund a pivotal Phase III trial of its suspension formulation of corticosteroid triamcinolone acetonide, Zuprata, for the treatment of macular edema associated with non-infectious uveitis. It will also launch a Phase III clinical program of suprachoroidal Zuprata with Eylea, an intravitreal anti-VEGF agent, to treat macular edema associated with retinal vein occlusion.
The company is also planning to use the cash to complete a Phase I/II study of Zuprata as a monotherapy and Eylea as a treatment for diabetic macular edema, as well as launch and complete a Phase I/II trial of axitinib for wet age-related macular degeneration.
Last month, Clearside launched a Phase I/II trial evaluating Zuprata as a treatment for diabetic macular edema. The trial is slated to enroll 20 patients, with equal participation in both treatment arms. One group will receive Zuprata administered in the suprachoroidal space along with intravitreal aflibercept; the 2nd group will receive Zuprata as an independent therapy.
Clearside posted its 3rd-quarter results last month, topping expectations on Wall Street, and named Rick McElheny as VP of business development.
