Clearside Biomedical floats $50m IPO

Clearside Biomedical raised $50 million with its initial public offering, floating 7.2 million shares at $7 apiece.

That’s below the range Clearside earlier set for the IPO, when it planned to put up 4.0 million shares at a range of $14 to $16, for a midpoint value of $60 million.

Alpharetta, Ga.-based Clearside is developing a drug-device combination to treat macular edema using CLS-TA triamcinolone acetonide and its SCS microinjector. The device is designed to inject the compound in the suprachoroidal space, the 30-µm  gap between the choroid and the sclera. A Phase III trial of the CLS-TA treatment is under way.

Clearside said it plans to list its shares on the NASDAQ exchange under the “CLSD” symbol. The company raised $14.4 million in an equity round last year.

The post Clearside Biomedical floats $50m IPO appeared first on MassDevice.

from MassDevice http://ift.tt/1Uhw0bN