Ocular Therapeutix (NSDQ:OCUL) has closed an underwritten public offering of 7,475,000 shares of its common stock at $5.00 apiece, reeling in $35.1 million to fund the planned resubmission of its new drug application for Dextenza, an ocular post-surgical pain-relief implant that was rejected by the FDA last year.
The Bedford, Mass.-based company also plans to use its newly-acquired funds to support the clinical development of its pipeline and prepare for regulatory submission of its other product candidates.
Ocular’s Dextenza device is designed to deliver a sustained dose of dexamethasone over four weeks following eye surgery. But Ocular has faced several obstacles getting its product to the market in the U.S. – it has twice received the FDA’s dreaded complete response letter.
In December, the company revealed that it received a subpoena from the Securities and Exchange Commission requesting information about Dextenza, including communications between Ocular, the FDA and investors.
“The company intends to fully cooperate with the SEC regarding this non-public, fact-finding inquiry,” Ocular said in a release. “The SEC has informed the company that this inquiry should not be construed as an indication that any violations of law have occurred or that the SEC has any negative opinion of any person, entity or security.”
