Iveric Bio Announces Proposed Offering of Common Stock

Rhea-AI Summary

IVERIC bio, Inc. (ISEE) is initiating an underwritten public offering of $125 million in common stock, with a 30-day option for underwriters to purchase an additional 15%. The offering's completion is contingent upon market conditions, and specifics on size and terms remain uncertain. Morgan Stanley, Cowen, Stifel, and Credit Suisse are managing the offering. A shelf registration was filed with the SEC on October 21, 2021, and interested parties can find related documentation and prospectuses on the SEC's website.

Positive

• Intended use of funds can enhance research and develop novel treatments for retinal diseases.

Negative

• Shareholder dilution risk due to potential increase in common stock.

NEW YORK--(BUSINESS WIRE)-- IVERIC bio, Inc. (Nasdaq: ISEE) (the “Company”), today announced that it is commencing an underwritten public offering of $125.0 million of shares of its common stock. In addition, the Company intends to grant the underwriters an option for a period of 30 days to purchase up to an additional 15 percent of the number of shares of its common stock being offered. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering. All of the shares are to be offered by the Company.

Morgan Stanley, Cowen, Stifel and Credit Suisse are acting as the book-running managers for the offering.

An automatically effective shelf registration statement on Form S-3 relating to the shares of common stock to be offered was filed with the Securities and Exchange Commission (the “SEC”) on October 21, 2021. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement related to the offering is being filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering may also be obtained by contacting: Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, or by telephone: 1-866-718-1649; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, or by emailing PostSaleManualRequests@broadridge.com, or by telephone: (833) 297-2926; Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, CA 94104, Attention: Prospectus Department, or by emailing syndprospectus@stifel.com, or by telephone: (415) 364-2720; or Credit Suisse Securities (USA) LLC, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, Attn: Prospectus Department, or by emailing usa.prospectus@credit-suisse.com, or by telephone: (800) 221-1037.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Iveric Bio

Iveric Bio is a science-driven biopharmaceutical company focused on the discovery and development of novel treatments for retinal diseases with significant unmet medical needs. The Company is committed to having a positive impact on patients’ lives by delivering high-quality, safe and effective treatments designed to address debilitating retina diseases including all stages of age-related macular degeneration.

Forward-Looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including statements regarding the proposed offering, constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statements about the Company’s strategy, future operations and future expectations and plans and prospects for the Company, and any other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “goal,” “future,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions. Such forward-looking statements involve substantial risks and uncertainties that could cause the Company’s development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, those related to market and other financial conditions, the potential completion of the proposed offering or the size or terms thereof, satisfaction of customary closing conditions related to the proposed offering, those related to expectations for regulatory matters, the progression and duration of the COVID-19 pandemic and responsive measures thereto and related effects on the Company’s research and development programs, operations and financial position, the initiation and the progress of research and development programs and clinical trials, including enrollment and retention in clinical trials, availability of data from these programs, reliance on clinical trial sites, contract research organizations and other third parties, establishment of manufacturing capabilities, developments from the Company’s competitors and the marketplace for its products, need for additional financing and negotiation and consummation of business development transactions, whether the Company’s cash resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital requirements on its expected timelines, and other factors discussed in the “Risk Factors” section contained in the preliminary prospectus supplement and the reports that the Company files with the Securities and Exchange Commission. Any forward-looking statements represent the Company’s views only as of the date of this press release. The Company anticipates that subsequent events and developments may cause its views to change. While the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by law.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20211021006055/en/

Investor Contact:

Iveric Bio

Kathy Galante, 212-845-8231

Senior Vice President, Investor Relations

kathy.galante@ivericbio.com

or

Media Contact:

SmithSolve

Alex Van Rees, 973-442-1555 ext. 111

alex.vanrees@smithsolve.com

Source: IVERIC bio, Inc.

FAQ

What is the size of the public offering by IVERIC bio?

IVERIC bio is offering $125 million in common stock.

Who are the underwriters for IVERIC bio's offering?

Morgan Stanley, Cowen, Stifel, and Credit Suisse are the underwriters.

What is the deadline for the underwriters' option to purchase additional shares?

The underwriters have a 30-day option to purchase additional shares.

Where can I find the prospectus for IVERIC bio's stock offering?

The prospectus can be accessed on the SEC's website.

What is the potential impact of this offering on IVERIC bio shareholders?

The offering poses a risk of shareholder dilution depending on the final number of shares issued.