Iveric Bio slips on $250 mln stock offering launch

IVERIC bio

30/11/2022 21:32

** Iveric Bio Inc  ISEE.O  shares down ~4% post-market as co
looks to raise equity
    ** Co commences $250 mln stock offering
    ** Morgan Stanley, BofA, Cowen and Stifel jt bookrunners;
deal slated to price later Weds/before market open Thurs
    ** ISEE plans 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
    ** ISEE shares on Weds closed up 3.6% at $23.62
    ** Stock has gained 37% since FDA designation for Zimura and
has surged 140% over the past three months
    ** Co has ~$2.9 bln market cap, based on ~120.72 mln shares
outstanding
 (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))