Clearside BioMedical Inc. priced an underwritten public offering of 6,538,462 common shares at $13 per share.
The company expects to raise gross proceeds of about $85 million from the offering, which is expected to close on or around March 12, subject to customary closing conditions.
Clearside BioMedical granted the underwriters a 30-day option to buy up to 980,769 additional shares at the offering price.
The company plans to use net proceeds to prepare and submit a new drug application for CLS-TA for macular edema, a build-up of fluid in the eye, as well as fund its clinical development programs. Proceeds will also go toward continued research and development of Clearside BioMedical's earlier-stage programs, working capital and general corporate purposes.
J.P. Morgan Securities LLC and Cowen and Co. LLC are acting as joint book-running managers for the offering, with Stifel, Nicolaus & Co. Inc. as a passive book-running manager and Needham & Co. LLC and Wedbush Securities Inc. as co-managers.
Alpharetta, Ga.-based Clearside BioMedical develops treatments for eye diseases.
