We recently published 11 Stocks Failing to Keep up With The Market. Ocular Therapeutix Inc. 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. 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 Inc. 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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This article is originally published at Insider Monkey.
