Clearside Biomedical (NASDAQ:CLSD) has priced an underwritten public offering of four million of its common shares at a price of $9 each for gross proceeds of $36-million.
The company has granted underwriters a 30-day option to purchase up to an additional 600,000 shares to meet demand at the same price. The offering is expected to close on Dec. 14.
Clearside intends to use net proceeds to complete its Phase 3 clinical trial of suprachoroidal Zuprata for the treatment of macular edema associated with non-infectious uveitis and initiate its Phase 3 clinical program of suprachoroidal Zuprata, with the intravitreal anti-VEGF agent, Eylea, for the treatment of macular edema associated with RVO.
In addition, the company intends to use proceeds to complete its ongoing Phase 1/2 clinical trial of Zuprata alone or with Eylea for the treatment of DME, and initiate and complete a planned Phase 1/2 clinical trial of axitinib for the treatment of wet AMD, as well as for continued R&D of its earlier-stage programs, working capital and general corporate purposes.
J.P. Morgan Securities and Cowen are acting as joint active book-running managers, with Stifel, Nicolaus as a passive book-running manager and Wedbush Securities as a co-manager.