IRIDEX Announces Pricing of Public Offering of Common Stock

IRIDEX (NASDAQ:IRIX) an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures used to treat sight-threatening eye conditions, today announced the pricing of its underwritten public offering of 1,666,667 shares of its common stock at a price to the public of $6.00 per share.

As quoted in the press release:

In addition, the Company has granted the underwriters a 30-day option to purchase up to 250,000 additional shares of its common stock in the public offering.

The offering is expected to close on September 18, 2018, subject to customary closing conditions. Gross proceeds to the Company from the offering are expected to be approximately $10,000,000 before deducting the underwriting discount and other offering expenses payable by the Company and excluding any exercise of the underwriters’ option.

IRIDEX intends to use the net proceeds from the offering for working capital and other general corporate purposes.  IRIDEX may also use a portion of the net proceeds for licensing or acquiring intellectual property or technologies to incorporate in its products, capital expenditures, to fund possible investments in and acquisitions of complementary businesses, partnerships, minority investments or to repay indebtedness.

Click here to read the full press release.