Ocular Therapeutix™, Inc. (Nasdaq: OCUL) (the “Company”), a
biopharmaceutical company focused on the formulation, development,
and commercialization of innovative therapies for diseases and
conditions of the eye, today announced the pricing of an
underwritten public offering of 30,800,000 shares of its common
stock at a public offering price of $3.25 per share for gross
proceeds of $100.1 million, before deducting underwriting discounts
and commissions and other offering expenses payable by the Company.
In addition, the Company has granted the underwriters of the
offering a 30-day option to purchase up to an additional 4,620,000
shares in the public offering on the same terms and conditions. All
of the shares in the offering are to be sold by the Company. The
offering is expected to close on or about December 18, 2023,
subject to the satisfaction of customary closing conditions.
Jefferies, BofA Securities and Piper Sandler & Co. are
acting as joint book-running managers for the offering. JMP
Securities, A Citizens Company, Raymond James and H.C. Wainwright
& Co. are acting as co-managers for the offering.
The Company intends to use the net proceeds from this offering,
together with its existing cash and cash equivalents, to fund the
Phase 3 clinical development of AXPAXLI for the treatment of wet
AMD, including its ongoing SOL pivotal Phase 3 clinical trial and
its planned second Phase 3 clinical trial; to support its other
clinical development programs; and for working capital and other
general corporate purposes.
The offering is being made pursuant to a shelf registration
statement on Form S-3 that was previously filed with and declared
effective by the Securities and Exchange Commission (SEC). The
offering is made only by means of a prospectus supplement and the
accompanying prospectus that form a part of the registration
statement. Before investing in the offering, interested
parties should 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 which provide more complete information about the
Company and the offering. Electronic copies of the preliminary
prospectus supplement and the accompanying prospectus for the
offering are available on the website of the SEC at www.sec.gov,
and the final prospectus supplement relating to the offering will
be filed with the SEC. Copies of the preliminary prospectus
supplement, the final prospectus supplement, when available, and
the accompanying prospectus relating to this offering may also be
obtained by contacting Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, New York, NY 10022, by
telephone: (877) 821-7388, or by email:
prospectus_department@Jefferies.com; BofA Securities, Attention:
Prospectus Department, NC1-022-02-25, 201 North Tryon Street,
Charlotte, NC 28255-0001, or by email:
dg.prospectus_requests@bofa.com; or Piper Sandler & Co.,
Attention: Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, by telephone: (800) 747-3924, or by email:
prospectus@psc.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.
About Ocular Therapeutix, Inc.Ocular
Therapeutix, Inc. is a biopharmaceutical company focused on the
formulation, development, and commercialization of innovative
therapies for diseases and conditions of the eye using its
proprietary bioresorbable hydrogel-based formulation technology
ELUTYX™. Ocular Therapeutix’s first commercial drug product,
DEXTENZA®, is an FDA-approved corticosteroid for the treatment of
ocular inflammation and pain following ophthalmic surgery and
ocular itching associated with allergic conjunctivitis. Ocular
Therapeutix’s earlier stage development assets include: AXPAXLI
(axitinib intravitreal implant), currently in a pivotal Phase 3
trial for wet AMD and a Phase 1 clinical trial for the treatment of
diabetic retinopathy; OTX-TIC (travoprost intracameral implant),
currently in a Phase 2 clinical trial for the treatment of primary
open-angle glaucoma or ocular hypertension; and OTX-CSI
(cyclosporine intracanalicular insert) for the chronic treatment of
dry eye disease and OTX-DED (dexamethasone intracanalicular insert)
for the short-term treatment of the signs and symptoms of dry eye
disease, both of which have completed Phase 2 clinical trials.
Cautionary Note Regarding Forward Looking
StatementsAny statements in this press release about
future expectations, plans, and prospects for the Company,
including the Company’s expectations and plans regarding the
underwritten public offering and the Company’s anticipated use of
proceeds of the offering, the anticipated closing date of the
public offering, 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, uncertainties related to market conditions, the
satisfaction of customary closing conditions related to the
proposed underwritten public offering, the need for additional
financing or other actions and other factors discussed in the “Risk
Factors” section contained in the preliminary prospectus supplement
related to the proposed underwritten public offering and 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 press 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 except as
required by law. 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 press release.
Contacts:
InvestorsOcular TherapeutixDonald NotmanChief
Financial Officerdnotman@ocutx.com
or
Westwicke, an ICR CompanyChris Brinzey, 339-970-2843Managing
Directorchris.brinzey@westwicke.com
MediaICR WestwickeBen Shannon,
443-213-0495ben.shannon@westwicke.com
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