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Oyster Point Pharma plans $85M IPO on Nasdaq

Oyster Point Pharma Inc. is planning an IPO of up to $85 million of its common shares.

The Princeton, N.J.-based pharmaceutical company, led by CEO Jeffrey Nau, develops and commercializes therapies to treat dry eye disease.

The company plans to list its shares on the Nasdaq Global Market under the ticker symbol OYST.

New Enterprise Associates 14 LP and Versant Venture Capital VI LP each own a 32% stake, while InvOpps IV LP owns an 11.8% stake in the company.

Oyster Point plans to use the net proceeds from the offering to fund the development of the company's product candidate OC-01 and OC-02, general research and development activities, working capital and other general corporate purposes.

OC-01 and OC-02 are nasal sprays currently being studied for the treatment of dry eye disease. Proceeds will also be used to fund an ongoing phase 3 study of OC-01 as well as a planned phase 1 study.

J.P. Morgan Securities LLC, Cowen and Co. LLC and Piper Jaffray & Co. are the joint book-running managers for the IPO.