IRIDEX Announces Pricing of Public Offering of Common Stock
September 14 2018 - 7:00AM
IRIDEX Corporation (NASDAQ:IRIX) ("IRIDEX" or the "Company"),
an ophthalmic medical technology company focused on the development
and commercialization of breakthrough products and procedures used
to treat sight-threatening eye conditions, today announced the
pricing of its underwritten public offering of 1,666,667 shares of
its common stock at a price to the public of $6.00 per share.
In addition, the Company has granted the underwriters a 30-day
option to purchase up to 250,000 additional shares of its common
stock in the public offering.
The offering is expected to close on September 18, 2018,
subject to customary closing conditions. Gross proceeds to the
Company from the offering are expected to be approximately
$10,000,000 before deducting the underwriting discount and other
offering expenses payable by the Company and excluding any exercise
of the underwriters' option.
IRIDEX intends to use the net proceeds from the offering
for working capital and other general corporate purposes.
IRIDEX may also use a portion of the net proceeds for licensing or
acquiring intellectual property or technologies to incorporate in
its products, capital expenditures, to fund possible investments in
and acquisitions of complementary businesses, partnerships,
minority investments or to repay indebtedness.
Stifel is acting as sole book-running manager for the offering
and Roth Capital Partners is acting as lead manager for the
offering.
The offering is being made pursuant to an effective shelf
registration statement on Form S-3 (No. 333-213094) that was
initially filed with the U.S. Securities and Exchange Commission
(the "SEC") on August 12, 2016 and declared effective on August 26,
2016. A final prospectus supplement and accompanying prospectus
describing the terms of the offering will be filed with the
SEC and will form a part of the effective registration statement
and will be available on the SEC's website located at www.sec.gov.
When available, copies of the final prospectus supplement and the
accompanying prospectus relating to the offering may be obtained
from Stifel, Nicolaus & Company, Incorporated, Attention:
Syndicate, One Montgomery Street, Suite 3700, San Francisco,
California 94104, by telephone at (415) 364-2720 or by email at
syndprospectus@stifel.com.
This press release shall not constitute an offer to sell or the
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 IRIDEX
IRIDEX Corporation is a worldwide leader in developing,
manufacturing, and marketing innovative and versatile laser-based
medical systems, delivery devices and consumable instrumentation
for the ophthalmology market. The Company’s proprietary
MicroPulse® technology delivers a differentiated treatment that
provides safe, effective, and proven treatment for targeted
sight-threatening eye conditions. IRIDEX’s current product
line is used for the treatment of glaucoma, diabetic macular edema
(DME) and other retinal diseases. IRIDEX’s products are sold
in the United States through a direct sales force and
internationally primarily through a network of independent
distributors into more than 100 countries. IRIDEX is
headquartered in Mountain View, CA.
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and the Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including statements regarding the
proposed public offering and the anticipated use of proceeds
therefrom, are subject to a number of risks and uncertainties which
may cause actual results or outcomes to be materially different
from those expressed or implied by the forward-looking statements.
These risks and uncertainties include market risks and
uncertainties and risks and uncertainties relating to the
satisfaction of customary closing conditions for an underwritten
offering of securities, as well as the risks and uncertainties that
could affect the Company's business and financial results described
in the preliminary prospectus supplement and registration statement
referenced above, as well as the Company’s other filings with the
SEC, including, without limitation, under the caption "Risk
Factors." There can be no assurance that the Company will be able
to complete the proposed public offering on the anticipated terms,
or at all. Forward-looking statements relate only to events as of
the date on which the statements are made, and the Company
undertakes no obligation to publicly update or review any
forward-looking statement.
Investor Contact: Lynn Pieper Lewis or Leigh
Salvo415-837-5405investors@Iridex.com
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