Clearside prices offering; upsized to $85-million from $75-million

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Clearside Biomedical (NASDAQ:CLSD) priced a public offering of 6,538,462 common shares at a price of $13 a share for gross proceeds of $85-million, up from a previously planned $75-million offering. 

Net proceeds will be used to prepare and submit a NDA for suprachoroidal CLS-TA for the treatment of patients with macular edema associated with non-infectious uveitis and to invest in commercialization and marketing of suprachoroidal CLS-TA, if approved.  

Earlier this week, Clearside reported positive top line results from its pivotal Phase 3 clinical trial with suprachoroidal  CLS-TA in macular edema associated with non-infectious uveitis.

Proceeds also will be used to continue its Phase 3 SAPPHIRE clinical trial for its RVO program; complete its Phase 2 TYBEE clinical trial for its DME program; initiate its second Phase 3 TOPAZ clinical trial for its RVO program; 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 book-running managers for the offering, with Stifel as a passive book-running manager, and Needham and Wedbush Securities as co-managers. 

The offering is expected to close on March 12. Clearside also has granted underwriters a 30-day option to purchase up to 980,769 additional shares at the same price.