Ocular Therapeutix (NSDQ:OCUL) said today that it inked a deal with an investor to issue $37.5 million in 6% subordinated convertible notes due 2026. The offering is slated to close on March 1, according to the Bedford, Mass.-based company.
Ocular expects to reel in roughly $37.1 million in net proceeds from the offering, which it plans to use to fund the launch of Dextenza and support its late-stage pipeline.
Also this week, Ocular announced that it dosed the first patient in a study of its OTX-TKI tyrosine kinase inhibitor implant.
The trial is designed to test the device’s safety, durability and tolerability in people with wet age-related macular degeneration.
Ocular’s investigational product is a bioresorbable hydrogel fiber implant formulated with a tyrosine kinase inhibitor and delivered via intravitreal injection.
Earlier this year, Ocular announced that it submitted a supplement NDA to the FDA for its dexamethasone ocular insert, Dextenza.
The company requested that the U.S. regulatory agency expand the current indication for Dextenza to include the treatment of ocular inflammation following eye surgery.