Clearside Biomedical Announces Pricing of $15 Million Registered Direct Offering
February 07 2024 - 8:00AM
Clearside Biomedical, Inc. (“Clearside” or the
“Company”) (NASDAQ: CLSD), a biopharmaceutical company
revolutionizing the delivery of therapies to the back of the eye
through the suprachoroidal space (SCS®), announced today that it
has entered into a securities purchase agreement with institutional
investors and an existing stockholder, providing for the purchase
and sale of 11,111,111 shares of common stock and accompanying
warrant to purchase up to 11,111,111 shares of common stock in a
registered direct offering. The offer price for one share of common
stock and accompanying warrant to purchase one share of common
stock will be $1.35. The warrants have an exercise price of
$1.62 per share, will be exercisable six months from the issuance
date and will have a term of five years from the initial exercise
date. The offering is expected to close on or about February
9, 2024, subject to the satisfaction of customary closing
conditions.
Citizens JMP Securities, LLC is acting as the
sole placement agent for the offering.
The gross proceeds to Clearside from this
offering are expected to be approximately $15.0 million, before
deducting the placement agent’s fees and other offering expenses
payable by Clearside. Clearside intends to use the net proceeds
from this offering for working capital and general corporate
purposes. Clearside believes that the net proceeds from this
offering, together with its current cash and cash equivalents and
short-term investments, will be sufficient to enable it to fund its
operating expenses and capital expenditure requirements into the
third quarter of 2025.
The offering is being made pursuant to a shelf
registration statement on Form S-3 (File No. 333-271902) (including
a base prospectus) previously filed with the Securities and
Exchange Commission (the “SEC”) on May 12, 2023 and declared
effective by the SEC on May 19, 2023. A prospectus supplement and
the accompanying base prospectus relating to and describing the
terms of the offering will be filed with the SEC and will be
available on the SEC’s website at www.sec.gov. When available,
copies of the prospectus supplement and the accompanying base
prospectus relating to the offering may also be obtained by
contacting Citizens JMP Securities, LLC, 600 Montgomery Street,
10th Floor, San Francisco, CA 94111, Attention: Prospectus
Department, or by calling (415) 835-8985, or by email at
syndicate@jmpsecurities.com.
This press release does 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 the
registration or qualification under the securities laws of any such
state or jurisdiction.
About Clearside Biomedical
Clearside Biomedical, Inc. is a
biopharmaceutical company revolutionizing the delivery of therapies
to the back of the eye through the SCS. Clearside’s SCS injection
platform, utilizing the Company’s patented SCS Microinjector®,
enables an in-office, repeatable, non-surgical procedure for the
targeted and compartmentalized delivery of a wide variety of
therapies to the macula, retina, or choroid to potentially preserve
and improve vision in patients with sight-threatening eye diseases.
Clearside is developing its own pipeline of small molecule product
candidates for administration via its SCS Microinjector. The
Company’s lead program, CLS-AX (axitinib injectable suspension),
for the treatment of neovascular age-related macular degeneration
(wet AMD), is in Phase 2b clinical testing. Clearside developed and
gained approval for its first product, XIPERE® (triamcinolone
acetonide injectable suspension) for suprachoroidal use, which is
available in the U.S. through a commercial partner. Clearside also
strategically partners its SCS injection platform with companies
utilizing other ophthalmic therapeutic innovations.
Cautionary Note Regarding
Forward-Looking Statements
Any statements in this press release about
future expectations, plans and prospects for Clearside, including
statements about the closing of the offering, Clearside’s cash
runway extending into the third quarter of 2025 and other
statements containing the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “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, including: the
uncertainties related to market conditions and the completion of
the offering on the anticipated terms or at all and such other
factors as are set forth in the risk factors detailed in
Clearside’s Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on March 14, 2023, Clearside’s
Quarterly Report on Form 10-Q for the quarter ended September 30,
2023 filed with the SEC on November 13, 2023 and Clearside’s other
Periodic Reports filed with the SEC. In addition, the
forward-looking statements included in this press release represent
Clearside’s views as of the date hereof. Clearside anticipates that
subsequent events and developments will cause Clearside’s views to
change. However, while Clearside may elect to update these
forward-looking statements at some point in the future, Clearside
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Clearside’s views as of any date subsequent to the
date hereof.
Source: Clearside Biomedical, Inc.
Investor and Media Contacts:
Jenny Kobin
Remy Bernarda
ir@clearsidebio.com
(678) 430-8206
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