SpyGlass Pharma, a Phase 3 biotech developing implanted drug-devices for chronic eye conditions, raised $150 million by offering 9.4 million shares at $16, the midpoint of the range of $15 to $17.
SpyGlass Pharma is a late-stage biopharmaceutical company focused on chronic eye conditions by developing durable drug delivery solutions that provide long-term disease control and vision preservation. Its lead product candidate, the Bimatoprost Drug Pad-IOL System (BIM-IOL System), comprising novel, proprietary drug pads attached to an intraocular lens (IOL), is designed to be implanted during routine cataract surgery to reduce elevated intraocular pressure (IOP) in patients who have either open-angle glaucoma (OAG) or ocular hypertension (OHT). The company is also developing a non-IOL-based, ring-shaped, sustained-release implant with bimatoprost, which it believes could be implanted in a standalone procedure, enable retreatment of patients who have received the BIM-IOL System, and offer extended care to patients with OAG or OHT who already received a prior cataract surgery.
The Aliso Viejo, CA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol SGP. Jefferies, Leerink Partners, Citi, and Stifel acted as joint bookrunners on the deal.
