Updated to include the offering’s pricing information.
Ocular Therapeutix (NSDQ:OCUL) said today that it plans to launch an underwritten public offering of 6.5 million shares of common stock at $5.00 apiece to help fund the 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 said it will also offer underwriters a 30-day option to buy an additional 15% of the shares in the offering on the same terms.
Beyond its Dextenza NDA, Ocular is slated to use the $32.5 million from the offering to fund the clinical development of its pipeline and prepare for regulatory submission of its other product candidates.
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.”
The company’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.
OCUL shares were down -11% in premarket activity today, trading at $5.50 apiece.