Iveric Bio Raises $100M Via Equity To Fund Zimura Development In Geographic Atrophy

Iveric bio Inc ISEE priced its underwritten public offering of 11.6 million shares at $8.60 per share, representing a discount of 4.6% from the last close price of $9.01 on Monday.
Underwriters have an option to purchase up to an additional 1.7 million shares.
The gross proceeds are expected to be approximately $100.2 million.
Cowen, Credit Suisse, and Stifel are acting as the book-running managers for the offering.
Wedbush PacGrow is acting as lead manager for the offering that will close by July 15.
Proceeds will be used to fund the GATHER2 trial of Zimura for geographic atrophy secondary to age-related macular degeneration, planned initiation of clinical development in drusen in 2022, and working capital & other general corporate purposes.
As of June 30, the Company had cash, cash equivalents, and available for sale securities of approximately $160.0 million.
See the offering prospectus here.
Recently, Iveric Bio received a written agreement from the FDA under a Special Protocol Assessment for the overall design of the GATHER2 trial.
Price Action: ISEE shares are down 2.4% at $8.79 during the premarket session on the last check Tuesday.