Clearside Biomedical, Inc. raised $50.4 million in its initial public offering at $7.00 per share. Needham acted as a co-manager on the transaction. The Company’s underwriters exercised their option to purchase an additional 948,843 shares of common stock at the initial public offering price to cover over-allotments.The net proceeds from the sale of the shares will be used by Clearside Biomedical, Inc. for funding of the Company’s pivotal Phase 3 clinical trial of CLS-1001, its Phase 2 clinical trial of CLS-1003 and its preparation of an IND for, and subsequent Phase 1/2 clinical trial of, CLS-1002. The remaining proceeds will be used for the continued research and development of earlier-stage programs, and for working capital and general corporate purposes.
Clearside Biomedical, Inc. (NASDAQ: CLSD), is a late-stage clinical biopharmaceutical company developing innovative first-in-class drug therapies to treat blinding diseases of the eye using Clearside’s proprietary suprachoroidal space (SCS™) microinjector to reach diseased tissue through the suprachoroidal space. Clearside holds intellectual property protecting the delivery of drugs of any type through the suprachoroidal space to reach the back of the eye.