Clearside Biomedica fell in extended trading after the late-stage biopharmaceutical company started an underwritten public offering of $75 million of shares. Shares decreased as much as 3%. All of the shares in the offering will be sold by Clearside.
Clearside expects to grant the underwriters a 30-day option to purchase up to an additional $11.25 million of shares at the public offering price, less the underwriting discount.
Clearside seeks to use the net proceeds to complete its pivotal Phase 3 clinical trial of suprachoroidal Zuprata for the treatment of macular edema associated with non-infectious uveitis.
The company also seeks to use the net proceeds to initiate its Phase 3 clinical program of suprachoroidal Zuprata with the intravitreal anti-VEGF agent, Eylea, for the treatment of macular edema associated with RVO.