Iveric Bio dips on upsized $300 mln share offering

IVERIC bio

01/12/2022 11:51

** Iveric Bio Inc  ISEE.O  shares down 2.6% at $23 on light
premarket volume after co raises more equity than targeted
    ** ISEE sells 13.35 mln shares at $22.50 for $300 mln gross
raise  urn:newsml:reuters.com:*:nBw2FKJXBa
    ** Offering size boosted from $250 mln, prices at 4.6%
discount to stock's last sale
    ** ISEE has ~$2.9 bln market cap, based on ~120.72 mln
shares outstanding
    ** Co intends to use net proceeds to fund preparation for
potential commercial launch of its eye drug Zimura
    ** On Nov 17, U.S. FDA granted Zimura "breakthrough therapy"
designation for treatment of geographic atrophy, an age-related
disorder
    ** Stock has gained 37% since the FDA decision and has
surged 140% over the past three months
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))