BEDFORD, Mass--(BUSINESS WIRE)--Jan. 25, 2018--
Ocular Therapeutix™, Inc. (NASDAQ: OCUL), today announced the pricing of
an underwritten public offering of 6,500,000 shares of its common stock
at a public offering price of $5.00 per share for gross proceeds of
$32.5 million. This offering was made pursuant to a shelf registration
statement that was previously filed with and declared effective by the
Securities and Exchange Commission (SEC). All of the shares in the
offering are to be sold by the Company. In addition, the Company has
granted the underwriter of the offering a 30-day option to purchase up
to an additional 975,000 shares in the public offering on the same terms
and conditions.
Piper Jaffray & Co. is acting as sole manager and underwriter for the
offering.
The offering is expected to close on or about January 29, 2018, subject
to customary closing conditions.
Ocular intends to use the net proceeds from the offering, together with
its existing cash and cash equivalents, to fund the planned resubmission
of its new drug application (NDA) for DEXTENZA, to fund the clinical
development of OTX-TP, OTX-TIC and OTX-TKI, to fund additional
preclinical and regulatory activities for its other product candidates,
including through its collaboration with Regeneron, and for working
capital and other general corporate purposes and pursuit of its other
research and development efforts.
Before investing in the offering, interested parties may read the
prospectus supplement and the accompanying prospectus for the offering
and the other documents the Company has filed with the SEC, which are
incorporated by reference in the prospectus supplement and the
accompanying prospectus for the offering and provide more complete
information about the Company and the offering. An electronic copy of
the prospectus supplement and the accompanying prospectus for the
offering is available on the website of the SEC at www.sec.gov.
Copies of the final prospectus supplement, when available, and the
accompanying prospectus relating to this offering may be obtained by
contacting Piper Jaffray & Co., Attention: Prospectus Department, 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone: (800)
747-3924, or by email: prospectus@pjc.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. Offers will be made only by means of a prospectus
supplement and the accompanying prospectus, forming a part of the
registration statement.
About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc. is a
biopharmaceutical company focused on the development, manufacturing and
commercialization of innovative therapies for diseases and conditions of
the eye using its proprietary hydrogel-based formulation technology.
Ocular Therapeutix’s lead product candidate, DEXTENZA™ (dexamethasone
insert) 0.4 mg for intracanalicular use, has completed Phase 3 clinical
development for the treatment of ocular pain and inflammation following
ophthalmic surgery. OTX-TP (travoprost insert) is in Phase 3 clinical
development for the reduction of intraocular pressure in patients with
glaucoma and ocular hypertension. The Company’s earlier stage assets
include OTX-TIC, a sustained release travoprost intracameral injection
for the reduction in intraocular pressure in patients with glaucoma and
ocular hypertension, as well as sustained release intravitreal
injections for the treatment of retinal diseases. These injections
include the development of OTX-TKI, a tyrosine kinase inhibitor (TKI),
and, in collaboration with Regeneron, an extended release protein-based
anti-vascular endothelial growth factor (VEGF) trap. Ocular
Therapeutix's first product, ReSure® Sealant, is FDA-approved to seal
corneal incisions following cataract surgery.
Forward Looking Statements
Any statements in this press
release about future expectations, plans and prospects for the Company
including the development and regulatory status of the Company’s product
candidates, such as the Company’s expectations and the closing of the
offering, the Company’s anticipated use of proceeds of the offering,
regulatory submissions for and the timing and conduct of, or
implications of results from, clinical trials of DEXTENZA™ for the
treatment of post-surgical ocular inflammation and pain, including with
respect to manufacturing deficiencies identified by the Food and Drug
Administration (FDA), the Company’s expectations regarding resubmitting
its NDA to the FDA and the prospects for approvability of DEXTENZA for
these indications, DEXTENZA for the treatment of allergic
conjunctivitis, DEXTENZA for the treatment of dry eye disease and OTX-TP
for the treatment of glaucoma and ocular hypertension, the ongoing
development of the Company’s sustained release hydrogel depot
technology, the potential utility of any of the Company’s product
candidates, potential commercialization of the Company’s product
candidates, the potential benefits and future operation of the
collaboration with Regeneron Pharmaceuticals, including any potential
future payments thereunder, the sufficiency of the Company’s cash
resources 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, those related to market and other financing conditions,
the satisfaction of customary closing conditions, the timing and costs
involved in commercializing ReSure® Sealant or any product candidate
that receives regulatory approval, the initiation and conduct of
clinical trials, availability of data from clinical trials and
expectations for regulatory submissions and approvals, the Company’s
scientific approach and general development progress, the availability
or commercial potential of the Company’s product candidates, the
sufficiency of cash resources, the outcome of the Company’s ongoing
legal proceedings and need for additional financing or other actions and
other factors discussed in the “Risk Factors” section contained in 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 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. 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 release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180125005692/en/
Source: Ocular Therapeutix
Investors
Ocular Therapeutix
Donald Notman
Chief
Financial Officer
dnotman@ocutx.com
or
Westwicke
Partners
Chris Brinzey
Managing Director
chris.brinzey@westwicke.com
or
Media
Ocular
Therapeutix
Scott Corning
Vice President of Marketing &
Commercial Operations
scorning@ocutx.com
