Ocugen Inc (NASDAQ: OCGN) rises sharply after announcing the sale of 3 million common shares at $7.65 per share in a registered direct offering, with gross proceeds of $23 million. The offer price represents a premium of 46% on the last close price of $5.25 on Friday.
The offering is expected to close on or about February 10.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
Ocugen expects to use the proceeds for general corporate purposes, capital expenditures, working capital, and general and administrative expenses.
Ocugen and Bharat Biotech entered into a definitive agreement to co-develop, supply, and commercialize Bharat Biotech's Covaxin, an advanced stage whole-virion inactivated Covid-19 vaccine candidate, for the U.S. market.
Last week, the stock rallied on an upgrade from H.C. Wainwright from neutral to buy and a $4.50 price forecast. The analyst cheered Ocugen's recent deal with India-based vaccine developer Bharat Biotech to potentially bring Covaxin, a COVID-19 vaccine candidate, to the U.S. market. Ocugen will retain 45% of the profits. In December last, both the parties had signed a binding letter of intent to co-develop Covaxin for the U.S market.
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