TearLab prices $35.1 mil public offering of common stock
San Diego-TearLab Corp. announced the pricing of an underwritten public offering of 2,600,000 shares of its common stock at a price to the public of $13.50 per share for gross proceeds of $35.1 million.
Net proceeds from the sale of the shares will be approximately $32.6 million. TearLab has also granted the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering to cover overallotments.
TearLab plans to use the net proceeds from this offering for commercialization of its products, research and development, working capital, and other general corporate purposes. The offering is expected to close on or about July 30, subject to the satisfaction of customary closing conditions.