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Clearside BioMedical prices common stock offering

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.