Shares of biopharmaceutical company Ocular Therapeutix were lower in Wednesday’s late trading session following news the company commenced an underwritten public offering of its common stock.
All shares in the offering are being sold by Ocular, and the company said proceeds would go toward funding the Phase 3 clinical development of Axpaxli for the treatment of wet AMD, along with other purposes.
After the bell, the company’s shares had fallen almost 13% to trade at $3.43 each. The stock finished the day’s regular session with a 12% gain at $3.94.
Ocular Therapeutix has a market cap of $279.16 million, 79.42 million shares outstanding and a public float of 75.19 million shares.