Clearside Biomedical, a US-based biopharmaceutical company backed by pharmaceutical company Santen Pharmaceutical, has filed for an initial public offering on Nasdaq that could raise up to $57.5m.
Founded in 2011, Clearside is developing treatments for blinding diseases of the eye, particularly those that affect the retina and choroid. The proceeds will fund a phase 3 trial for its most advanced drug candidate and a phase 2 trial for another.
The company has raised approximately $48m in venture funding, closing a $20m series C round featuring AJU IB Investment, Cormorant Asset Management, Perceptive Advisors, Rock Springs Capital Management and undisclosed existing investors last month.
Japan-based Santen took part in Clearside’s $7.9m series A round in 2013 as part of a research collaboration agreement, investing alongside Hatteras Venture Partners, Mountain Group Capital, Georgia Research Alliance Fund and Kenan Flagler Business School Private Equity Fund.
Santen, Hatteras, Mountain Group and Georgia Research Alliance (GRA) returned for a $16m series B round in 2014 that also included Russian state-backed fund RusnanoMedInvest.
Santen holds a 9.2% share of Clearside, while Hatteras Venture Partners is the company’s largest shareholder, with a 28.4% stake. RMI Investments, a fund connected with Rusnano, owns 12.5% and GRA Venture Fund 7.2%.
RBC Capital Markets and Stifel have been appointed joint book-running managers for the IPO, while Needham & Company and Wedbush PacGrow Healthcare are acting as co-managers.