A Medical Device Daily Staff Report
Oculus Innovative Sciences (Petaluma, California) reported that it will sell securities to institutional investors for proceeds of nearly $14 million ($13,926,533), with the offering being made in a shelf registration statement with the Securities & Exchange Commission. The company said that the offering is expected to close on or about April 1.
Oculus said it intends to use the proceeds for general corporate purposes, including preparations for its planned Phase III clinical trial, working capital and operational purposes and future acquisitions and investment opportunities.
The securities in the offering include up to 2,652,673 shares of Oculus common stock and warrants to purchase up to 1,326,337 shares, offered in "units" at $5.25 a unit. Each unit consists of one share of Oculus common stock and a warrant to purchase 0.5 of a share at $6.85 for each share purchased.
Rodman & Renshaw, a subsidiary of Rodman & Renshaw Capital Group, acted as exclusive placement agent for the offering.
Oculus manufactures a family of products based upon its Microcyn Technology platform, intended to help prevent and treat infections in chronic and acute wounds. The Microcyn Technology platform is a biocompatible and shelf-stable solution, demonstrating the ability to treat a wide range of pathogens. The technology has also demonstrated wound healing in chronic and acute wounds in clinical investigational studies, according to Oculus. It has been commercialized outside of the U.S. for the treatment of infected wound.