MALVERN, PA — Ocugen Inc. announced the pricing of its underwritten public offering of nearly 16 million shares of common stock.
Gross proceeds are expected to be about $53.5 million before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Ocugen (Nasdaq: OCGN). The offering is expected to close on or about Feb. 25, subject to customary closing conditions.
In addition, Ocugen has granted to the underwriter a 30-day option to purchase up to about 2.4 million additional shares of its common stock.
Ocugen intends to use the net proceeds from the offering for “general corporate purposes, capital expenditures, working capital and general and administrative expenses,” according to a press release.
Ocugen is focused on “discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19.”
According to the company: “Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug – ‘one to many’ and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema and diabetic retinopathy. We are co-developing Bharat Biotech’s COVAXIN vaccine candidate for COVID-19 in the U.S. and Canadian markets.”
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