US-based biotechnology company Ocular Therapeutix has filed for an initial public offering that could raise up to $86.25m.
Founded in 2006, Ocular develops hydrogels for ophthalmic treatments. It has raised approximately $68.4m in funding from Ascension Health Ventures, the corporate venturing unit owned by healthcare company Ascension Health, Polaris Ventures, Versant Ventures, SV Life Sciences, Sparta, and Baxter Ventures, according to press releases and SEC filings.
Ascension is currently Ocular’s fourth largest shareholder, with a 12.5% stake. Versant holds 19%, Polaris 16.2% and SV 15.1%.
Ocular intends to use the proceeds to complete Phase 2 and 3 clinical trials for its OTX-DP product candidate to treat ocular inflammation and pain following cataract surgery, as well as allergic conjunctivitis, glaucoma and ocular hypertension.
Additional funds will go to preclinical research and development, sales and marketing, and the expansion of the company’s manufacturing facilities.
Morgan Stanley, Cowen & Company and RBC Capital Markets are acting as joint bookrunners on the deal.