Biopharma company Omeros (NSDQ:OMER) said that it closed a $68.3 million underwritten public offering last week, selling 3 million shares of its common stock at $22.75 apiece.
After deducting fees and other expenses, Omeros said it is slated to reel in $63.6 million from the offering. The company plans to use its newly-acquired funds to support R&D for its clinical-stage programs and for costs associated with BLA and NDA submissions.
Omeros said it could also use some of the net proceeds to repay debts or to buy up other technologies.
At the end of June, the company had nearly $30 million in cash and cash equivalents available for operations.
The Seattle-based company markets Omidria, a phenylephrine and ketorolac injection used during cataract surgery or intraocular lens replacement. The therapy prevents intraoperative pupil constriction and reduces postoperative ocular pain, according to Omeros.
Omidria is part of the company’s PharmacoSurgery platform, which delivers low-dose combinations of compounds directly to the site of surgery. The platform is designed to preemptively halt inflammation and other conditions caused by surgical trauma.
OMER shares were trading at $20.23 apiece today in mid-morning activity, down -2.7%.
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