Clearside Biomedical prices $85m underwritten offering

Clearside Biomedical (NSDQ:CLSD) priced 6,538,462 shares of its common stock at $13.00 apiece in an $85 million underwritten public offering that’s expected to close early next week.

The Alpharetta, Ga.-based company is slated to use the funds to prepare and submit an application to the FDA for its suprachoroidal eye drug as a treatment for patients with macular edema associated with non-infectious uveitis.

Clearside said it will also use the net proceeds to support its various clinical programs, like its Phase III Sapphire trial with retinal vein occlusion patients and its Phase II trial with diabetic macular edema patients.

As part of the offering, Clearside expects to give underwriters a 30-day option to buy 980,769 additional shares of common stock at the public offering price.

Also this week, Clearside announced that it enrolled the first patient in a Phase III trial evaluating its eye drug combined with an intravitreally-administered anti-VEGF agent as a treatment for macular edema associated with retinal vein occlusion.

The company also reported that its suprachoroidal eye drug succeeded in a pivotal Phase III trial of patients with macular edema associated with non-infectious uveitis.

The drug, CLS-TA, is a proprietary suspension of triamcinolone acetonide designed to be administered in the space located between the choroid and the sclera.

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