Ocular Therapeutix™ Announces Closing of Public Offering of Common Stock and Full Exercise by Underwriters of Option to Purchase Additional Shares
December 18 2023 - 4:01PM
Ocular Therapeutix™, Inc. (Nasdaq: OCUL) (the “Company”), a
biopharmaceutical company focused on the formulation, development,
and commercialization of innovative therapies for diseases and
conditions of the eye, today announced the closing of its
previously announced underwritten public offering of 35,420,000
shares of its common stock at a public offering price of $3.25 per
share, which includes 4,620,000 shares issued upon the exercise in
full by the underwriters of their option to purchase additional
shares of common stock in the public offering at the public
offering price, less underwriting discounts and commissions. The
total gross proceeds of the public offering were approximately
$115.1 million, before deducting underwriting discounts and
commissions and other offering expenses payable by the Company. All
of the shares in the offering were sold by the Company.
Jefferies, BofA Securities and Piper Sandler & Co. acted as
joint book-running managers for the offering. JMP Securities, A
Citizens Company, Raymond James and H.C. Wainwright & Co. acted
as co-managers for the offering.
The Company intends to use the net proceeds from this offering,
together with its existing cash and cash equivalents, to fund the
Phase 3 clinical development of AXPAXLI for the treatment of wet
AMD, including its ongoing SOL pivotal Phase 3 clinical trial and
its planned second Phase 3 clinical trial; to support its other
clinical development programs; and for working capital and other
general corporate purposes.
The offering was made pursuant to a shelf registration statement
on Form S-3 that was previously filed with and declared effective
by the Securities and Exchange Commission (SEC). The offering was
made only by means of a prospectus supplement and the accompanying
prospectus that form a part of the registration statement. A final
prospectus supplement relating to and describing the terms of the
public offering has been filed with the SEC. Electronic copies of
the final prospectus supplement and the accompanying prospectus for
the offering are available on the website of the SEC at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to this offering may also be
obtained by contacting Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, New York, NY 10022, by
telephone: (877) 821-7388, or by email:
prospectus_department@Jefferies.com; BofA Securities, Attention:
Prospectus Department, NC1-022-02-25, 201 North Tryon Street,
Charlotte, NC 28255-0001, or by email:
dg.prospectus_requests@bofa.com; or Piper Sandler & Co.,
Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, by telephone: (800) 747-3924, or by email:
prospectus@psc.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful, prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Ocular Therapeutix, Inc.Ocular
Therapeutix, Inc. is a biopharmaceutical company focused on the
formulation, development, and commercialization of innovative
therapies for diseases and conditions of the eye using its
proprietary bioresorbable hydrogel-based formulation technology
ELUTYX™. Ocular Therapeutix’s first commercial drug product,
DEXTENZA®, is an FDA-approved corticosteroid for the treatment of
ocular inflammation and pain following ophthalmic surgery and
ocular itching associated with allergic conjunctivitis. Ocular
Therapeutix’s earlier stage development assets include: AXPAXLI
(axitinib intravitreal implant), currently in a pivotal Phase 3
trial for wet AMD and a Phase 1 clinical trial for the treatment of
diabetic retinopathy; OTX-TIC (travoprost intracameral implant),
currently in a Phase 2 clinical trial for the treatment of primary
open-angle glaucoma or ocular hypertension; and OTX-CSI
(cyclosporine intracanalicular insert) for the chronic treatment of
dry eye disease and OTX-DED (dexamethasone intracanalicular insert)
for the short-term treatment of the signs and symptoms of dry eye
disease, both of which have completed Phase 2 clinical trials.
Cautionary Note Regarding Forward Looking
StatementsAny statements in this press release about
future expectations, plans, and prospects for the Company,
including the Company’s anticipated use of proceeds of the offering
and other statements containing the words “anticipate,” “believe,”
“estimate,” “expect,” “intend”, “goal,” “may”, “might,” “plan,”
“predict,” “project,” “target,” “potential,” “will,” “would,”
“could,” “should,” “continue,” and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors. Such forward-looking
statements involve substantial risks and uncertainties that could
cause the Company’s clinical development programs, future results,
performance or achievements to differ significantly from those
expressed or implied by the forward-looking statements. Such risks
and uncertainties include, among others, uncertainties related to
market conditions, the need for additional financing or other
actions and other factors discussed in the “Risk Factors” section
contained in the final prospectus supplement related to the
underwritten public offering and the Company’s quarterly and annual
reports on file with the Securities and Exchange Commission. In
addition, the forward-looking statements included in this press
release represent the Company’s views as of the date of this press
release. The Company anticipates that subsequent events and
developments will cause the Company’s views to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so except as required by law. These
forward-looking statements should not be relied upon as
representing the Company’s views as of any date subsequent to the
date of this press release.
Contacts:
InvestorsOcular TherapeutixDonald NotmanChief
Financial Officerdnotman@ocutx.com
or
Westwicke, an ICR CompanyChris Brinzey, 339-970-2843Managing
Directorchris.brinzey@westwicke.com
MediaICR WestwickeBen Shannon,
443-213-0495ben.shannon@westwicke.com
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