Ocular Therapeutix (OCUL) Falls Hard on $475-Million Share Sale

We recently published 11 Stocks Failing to Keep up With The Market. Ocular Therapeutix Inc. (NASDAQ:OCUL) is one of the top performers on Tuesday.

Ocular Therapeutix saw its share prices drop by 6.7 percent on Tuesday to close at $11.69 apiece as investors sold off positions after announcing plans to raise $475 million from a share sale.

In a statement, Ocular Therapeutix Inc. (NASDAQ:OCUL) said it would offer more than 37.9 million common shares at a price of $12.53 apiece until Wednesday, October 1, subject to customary closing conditions.

Ocular Therapeutix (OCUL) Falls Hard on $475-Million Share Sale

Ocular Therapeutix Inc. (NASDAQ:OCUL) said proceeds from the offer will be used to fund its planned open-label extension study for Axpaxli in patients with wet age-related macular degeneration (wet AMD), as well as the phase 3 clinical trials of the drug candidate for the treatment of non-proliferative diabetic retinopathy (NPDR).

The balance will be allocated for investments in infrastructure, including capital expenditures to support manufacturing, for pre-commercialization activities associated with Axpaxli, if approved, and other general corporate purposes.

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Disclosure: None. This article is originally published at Insider Monkey.