BEDFORD, MA — Ocular Therapeutix Inc., a biopharmaceutical company focused on conditions of the eye, has begun a $75 million public stock offering.
The company’s products include Dextenza, an FDA-approved corticosteroid indicated for the treatment of ocular inflammation and pain following ophthalmic surgery.
The company (Nasdaq: OCUL) is expected to grant the underwriters of the offering a 30-day option to purchase up to an additional $11.25 million of its common stock. All of the shares in the offering are to be sold by the company.
The release notes: “The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.”
Jefferies LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering.
In November 2019, Ocular Therapeutix announced an operational restructuring plan.
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The plan was expected to result in about $11 million in annualized savings through personnel reductions and $14 million in “one-time program deferrals,” according to a press release at the time. The company did not say how many jobs would be cut.
With the restructuring, the company is looking to focus resources on Dextenza.
