Open the door to vision: EyeGate Pharmaceuticals sets terms for $13 million offering on the NASDAQ

EyeGate Pharmaceuticals, a late-stage biotech developing a treatment for eye inflammation, announced terms for its initial public offering of shares on the NASDAQ on Wednesday.

The Waltham, MA-based company plans to raise as much as $13 million by offering 0.87 million shares based on its July 14 share price of $15. At that price, EyeGate Pharmaceuticals would command a fully diluted market value of $131 million.

EyeGate set terms to list on the NASDAQ in September 2014 at a $101 million market cap, but postponed the offering. It then decreased its proposed market cap to $52 million in November and ultimately listed on the OTCQB under the symbol EYEG at $6 per share in February 2015, commanding a $43 million market cap and raising $4.1 million (75% insider buying).

On July 13, EyeGate Pharmaceuticals announced that it had reached a license agreement with Valeant Pharmaceuticals (NYSE: VRX) for commercial and manufacturing rights for EGP-437 for anterior uveitis.  It received $1 million from Valeant, may received up to $33 million in milestone payments as well as high single digit royalties on net sales. 

On July 14, it announced the dosing of the first patient in its Phase 1b/2a trial of lead product candidate EGP-437 for macular edema, and it expects top-line data in the 4Q15. On the day of the announcement, its stock soared 107% to $15. However, it has dropped about 21% in the past two days to $11.80.

EyeGate Pharmaceuticals, which was founded in 2004, plans to list on the NASDAQ under the symbol EYEG. Aegis Capital and Chardan Capital Markets are the joint bookrunners on the deal.