EyeGate Pharmaceuticals Completes $10 Million Public Stock Offering
Monday, June 19, 2017 12:23 AM
WALTHAM, Mass.—EyeGate Pharmaceuticals Inc.,
(NASDAQ:EYEG) a specialty pharmaceutical company focused on developing products for treating eye diseases and disorders, has completed its previously announced offering of common and preferred stock, according to an announcement last week.
The offering was priced at $1.50 per share of common stock (or common stock equivalent), with each share of common stock (or common stock equivalent) sold with one five-year warrant to purchase one share of common stock, at an exercise price of $1.50 per share, according to the announcement. The company said it generated gross proceeds of $10 million via the offering, which included 5.3 million shares of common stock, 1,995 shares of Series B convertible preferred stock and warrants to purchase 6.7 million shares of common stock, according to the announcement.
EyeGate said it intends to use the net proceeds of the offering to support its operations, including for clinical trials, for working capital and for other general corporate purposes, which will include the pursuit of the company’s other research and development efforts.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as exclusive placement agent for the offering, according to the announcement.