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Kodiak Sciences closes $90M IPO

Kodiak Sciences Inc. closed its previously announced IPO on Oct. 9 raising gross proceeds of $90 million.

The company's common start started trading on the Nasdaq Global Market under the ticker symbol KOD on Oct. 4.

The Palo Alto, Calif.-based eye therapy maker offered 9 million common shares priced at $10 apiece, below the expected range of between $13 and $15.

Kodiak Sciences plans to use the proceeds to develop its eye drug KSI-301 for treating wet age-related macular degeneration and diabetic retinopathy. The drug is being tested in a phase 1 trial that began in July.

Morgan Stanley and Bank of America Merrill Lynch acted as joint book-running managers for the offering.

Barclays also acted as a book-running manager for the offering. Chardan acted as lead manager.