Iveric Bio Raises $100M Via Equity To Fund Zimura Development In Geographic Atrophy

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  • Iveric bio Inc ISEE priced its underwritten public offering of 11.6 million shares at $8.60 per share, representing a discount of 4.6% from the last close price of $9.01 on Monday.
  • Underwriters have an option to purchase up to an additional 1.7 million shares.
  • The gross proceeds are expected to be approximately $100.2 million.
  • Cowen, Credit Suisse, and Stifel are acting as the book-running managers for the offering. 
  • Wedbush PacGrow is acting as lead manager for the offering that will close by July 15.
  • Proceeds will be used to fund the GATHER2 trial of Zimura for geographic atrophy secondary to age-related macular degeneration, planned initiation of clinical development in drusen in 2022, and working capital & other general corporate purposes.
  • As of June 30, the Company had cash, cash equivalents, and available for sale securities of approximately $160.0 million.
  • See the offering prospectus here.
  • Recently, Iveric Bio received a written agreement from the FDA under a Special Protocol Assessment for the overall design of the GATHER2 trial.
  • Price Action: ISEE shares are down 2.4% at $8.79 during the premarket session on the last check Tuesday.
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Posted In: BiotechNewsHealth CareOfferingsSmall CapGeneralBriefsMultiple System Atrophy
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