Ocugen, Inc. (OCGN), a clinical-stage biopharmaceutical company, announced its intention to offer $115 million aggregate principal amount of convertible senior notes due 2034 in a private offering to qualified institutional buyers.
Ocugen also expects to grant the initial purchaser of the notes a 13-day option to purchase up to an additional $15 million aggregate principal amount of the notes.
Ocugen plans to use about $32.7 million of the proceeds to fully repay its outstanding loan, including interest, prepayment fees, and related expenses, under the loan and security agreement with affiliates of Avenue Capital Group, with the remaining funds for general corporate purposes.
The notes may be converted into cash, shares of Ocugen's common stock or a combination thereof, at Ocugen's election. The interest rate, conversion rate and other terms of the notes are to be determined upon pricing of the offering.
The company's pipeline includes OCU400 for retinitis pigmentosa and other inherited retinal diseases, including congenital retinal dystrophies; OCU410 for geographic atrophy (GA) secondary to dry age-related macular degeneration; and OCU410ST for Stargardt disease.
OCGN has traded between $0.64 and $2.72 over the last year. The stock closed Monday's trade at $1.85, up 2.78%.
In the overnight market, OCGN is down 5.95% at $41.74.
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