Clearside Biomedical, which is developing a combination drug-device therapy for eye diseases, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Alpharetta, GA-based company now plans to raise $50 million by offering 7.2 million shares at a price of $7. Insiders intend to purchase $25 million (50%) worth of shares in the offering. The company had previously filed to offer 4.0 million shares at a range of $14 to $16. At the midpoint of the revised range, Clearside Biomedical will raise 16% less in proceeds than previously anticipated.
Clearside Biomedical was founded in 2011 and plans to list on the Nasdaq under the symbol CLSD. Cowen & Company and Stifel are the joint bookrunners on the deal. It is expected to price during the week of May 30, 2016.
