Clearside noted in a news release it intends to use the net proceeds from this offering for working capital and general corporate purposes.
Clearside Biomedical Inc announced it has entered into a securities purchase agreement with institutional investors and an existing stockholder, providing for the purchase and sale of 11,111,111 shares of common stock and accompanying warrant to purchase up to 11,111,111 shares of common stock in a registered direct offering.
According to a news release,1 the offer price for 1 share of common stock and accompanying warrant to purchase one share of common stock will be $1.35. The company noted that the warrants have an exercise price of $1.62 per share, will be exercisable 6 months from the issuance date and will have a term of 5 years from the initial exercise date.
The company noted in its news release the offering is expected to close on or about February 9, 2024, subject to the satisfaction of customary closing conditions.
Citizens JMP Securities, LLC is acting as the sole placement agent for the offering.
Clearside said in the news release gross proceeds from this offering are expected to be approximately $15 million, before deducting the placement agent’s fees and other offering expenses payable by Clearside.
Moreover, Clearside noted in the news release it intends to use the net proceeds from this offering for working capital and general corporate purposes. Clearside said in the release it believes that the net proceeds from this offering, together with its current cash and cash equivalents and short-term investments, will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into the third quarter of 2025.1
Earlier this year, Clearside Biomedical Inc revealed that it has completed randomization in its ODYSSEY Phase 2b clinical trial (NCT05891548) of CLS-AX (axitinib injectable suspension) in neovascular age-related macular degeneration (wet AMD).
The company noted in a news release that topline data results are expected in the third quarter of 2024.