The Bedford, Mass.-based company said it inked a controlled equity offering sales agreement with Cantor Fitzgerald & Co., and agreed to pay Cantor Fitzgerald commissions of up to 3% of the process from the sales of the shares for it services.
Earlier this month, the OCUL shares soared following positive phase III clinical data for its post-surgical ocular pain reliever, Dextenza. The hydrogel plug is designed to deliver a sustained dose of dexamethasone for weeks following ophthalmic surgery. In the clinical study, which enrolled nearly 440 patients at 21 states across the U.S., Dextenza reduced both pain and inflammation better than the placebo treatment.
The trial met its 2 primary efficacy endpoints for inflammation and pain, achieving statistically significant differences between the treatment arm and the placebo for the absence of inflammatory cells and pain.
Ocular also said this month that it will re-submit its new drug application to the FDA for Dextenza, in the hopes of winning approval in the beginning of 2017.
In July, the FDA denied approval for Ocular’s hydrogel plug, citing concerns related to “deficiencies in manufacturing process and controls” which were identified during a pre-NDA approval inspection of its manufacturing facility.