By EyePoint Pharmaceuticals Inc. (NASDAQ: EYPT) revealed on Monday afternoon that it has commenced an underwritten public offering of $175 million in common stock. Additionally, the company is granting underwriters the opportunity to acquire up to an additional $26.25 million of stock at the offering price for a period of 30 days, subject to an underwriting discount.
Surge in EyePoint Shares
This offering follows a significant surge in EyePoint shares, which soared 177% during Monday’s regular session. The surge was attributed to the company’s announcement of positive data for its innovative macular degeneration treatment, EYP-1901 – marking the stock’s largest one-day percentage gain on record.
EyePoint shares have continued to climb, showing a further 6% increase in after-hours trading.
Advancing Clinical Development
In a statement, EyePoint declared that it intends to utilize the net proceeds from the stock offering to advance the clinical development of EYP-1901. This will primarily involve initiating and reporting topline data from two pivotal Phase 3 clinical trials.
Furthermore, the company plans to allocate a portion of the proceeds to support ongoing pipeline-development efforts.
EyePoint Pharmaceuticals Inc. continues to push boundaries and make substantial strides in the treatment of macular degeneration with its groundbreaking innovation, EYP-1901.
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