Aldeyra Seeks To Raise $125M Via Equity To Support Reproxalap US Application

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  • Aldeyra Therapeutics Inc ALDX intends to sell $125 million shares of its common stock in an underwritten public offering. 
  • Underwriters will have an option to purchase up to an additional $18.75 million of shares.
  • Aldeyra intends to use the net proceeds to prepare a potential marketing application submission of its lead compound, reproxalap, the preparations for its commercial launch, if approved, pipeline development programs, and working capital purposes.
  • Jefferies and SVB Leerink are acting as joint book-running managers for the offering.
  • Yesterday, the company announced positive top-line results from the Phase 3 trial evaluating 0.25% reproxalap in allergic conjunctivitis, sending shares to climb more than 30%.
  • Data showed that Reproxalap easily achieved the primary endpoint of the study (reduction in eye itching) and secondary endpoints with a high level of statistical significance.
  • Aldeyra's next step is to meet with the FDA about a path to approval for reproxalap. This meeting is expected to take place in the second half of this year, with a potential regulatory filing for approval on the way afterward.
  • The company had cash and equivalents of $138.4 million as of March 31, 2021.
  • Price Action: ALDX shares are down 5.4% at $14.05 in the premarket on the last check Wednesday.
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ALDXAldeyra Therapeutics Inc
$6.584.29%

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