Presbia prices $13.5m rights offering

Presbia (NSDQ:LENS) today priced an upcoming rights offering, looking to offer up to 4.5 million shares at $3 per share, netting the company as much as $13.5 million.

The offering will go out to current shareholders, with 0.33 subscription rights being offered for each ordinary share owned. The offering will begin on Feb. 6, 2017 and close on Feb. 23, unless extended.

Subscription rights are non-transferable and non-tradable, and can only be exercised during the given subscription period, according to a press release.

Funds in the round are slated to support a US staged pivotal trial for its Flexivue Microlens and Microlens inserter, commercialization funding, R&D, manufacturing and possible acquisitions or investments, the company said.

The company’s Microlens device is intended to correct presbyopia, farsightedness that is often age-related. Presbia’s custom lenses are implanted in the patient’s non-dominant eye in the hopes of helping the patient see near objects more clearly. To place the microlens in a patient’s eye, a small pocket is created in the cornea using a femtosecond laser and following the implantation, the pocket seals naturally and the lens sits at the center of the visual axis.

Last month, Presbia released interim data from the U.S. pivotal clinical trial of its Flexivue Microlens, which it hopes will eventually support pre-market approval from the FDA. The company is 2 years into the 3-year long trial and said that it anticipates submitting final data to the FDA in September 2017.

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