Ocular Therapeutix inks $38m debt financing deal

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.

Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.

Theranos whistleblower Tyler Shultz to participate in keynote interview at DeviceTalks Boston At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos. Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston. REGISTER NOW