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Oculis Holding AG announced the closing of a registered direct offering, raising $59 million through the sale of 5,000,000 ordinary shares at $11.75 per share. The company will commence trading on the Nasdaq Iceland Main Market under the symbol 'OCS' on April 23, 2024, becoming the second company dual-listed on NASDAQ U.S. and NASDAQ Iceland. The Phase 2b RELIEF trial of OCS-02 in Dry Eye Disease remains on track for a readout in Q2 2024.
Oculis Holding AG ha annunciato la chiusura di un'offerta diretta registrata, raccogliendo 59 milioni di dollari attraverso la vendita di 5.000.000 di azioni ordinarie a 11,75 dollari per azione. La compagnia inizierà le negoziazioni sul mercato principale del Nasdaq Islanda sotto il simbolo 'OCS' il 23 aprile 2024, diventando la seconda compagnia quotata sia sul NASDAQ degli Stati Uniti che su quello dell'Islanda. Il trial di fase 2b RELIEF di OCS-02 per la malattia dell'occhio secco è in linea per una presentazione dei risultati nel secondo trimestre del 2024.
Oculis Holding AG anunció el cierre de una oferta directa registrada, recaudando 59 millones de dólares mediante la venta de 5,000,000 de acciones ordinarias a 11,75 dólares cada una. La compañía comenzará a cotizar en el Mercado Principal de Nasdaq Islandia bajo el símbolo 'OCS' el 23 de abril de 2024, convirtiéndose en la segunda empresa cotizada simultáneamente en NASDAQ EE.UU. y NASDAQ Islandia. El ensayo de fase 2b RELIEF de OCS-02 en la enfermedad del ojo seco sigue programado para presentar resultados en el segundo trimestre de 2024.
Oculis Holding AG는 등록된 직접 제공이 종료되었다고 발표했으며, 주당 11.75달러에 5,000,000주의 보통주 판매를 통해 5,900만 달러를 조달했습니다. 이 회사는 2024년 4월 23일 'OCS'의 기호로 나스닥 아이슬란드 메인 마켓에서 거래를 시작할 예정이며, NASDAQ 미국 및 NASDAQ 아이슬란드에 동시 상장된 두 번째 회사가 됩니다. 건조한 눈 질환에 대한 OCS-02의 2b 단계 RELIEF 시험은 2024년 2분기 결과 발표를 예정하고 있습니다.
Oculis Holding AG a annoncé la clôture d'une offre directe enregistrée, levant 59 millions de dollars par la vente de 5,000,000 actions ordinaires à 11,75 dollars l'action. La société commencera à être cotée sur le marché principal du Nasdaq Islande sous le symbole 'OCS' le 23 avril 2024, devenant la deuxième société cotée à la fois sur le NASDAQ américain et le NASDAQ Islande. L'essai de phase 2b RELIEF d'OCS-02 pour la maladie des yeux secs reste en bonne voie pour un rapport au deuxième trimestre de 2024.
Oculis Holding AG gab den Abschluss eines registrierten Direktangebots bekannt, wobei 59 Millionen Dollar durch den Verkauf von 5.000.000 Stammaktien zu je 11,75 Dollar eingenommen wurden. Das Unternehmen wird am 23. April 2024 unter dem Symbol 'OCS' an der Hauptbörse der Nasdaq Island mit dem Handel beginnen und wird das zweite Unternehmen sein, das sowohl an der NASDAQ USA als auch an der NASDAQ Island notiert ist. Die Phase-2b-RELIEF-Studie von OCS-02 bei Trockenen Augen ist weiterhin für eine Ergebnisbekanntgabe im 2. Quartal 2024 geplant.
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The recent direct offering by Oculis highlights the company's effective capital-raising strategy, securing $59 million> which is a substantial infusion of liquidity. This financial maneuver can lead to several strategic advantages, including bolstering the firm's balance sheet and providing necessary funds to sustain operations during critical phases of product development. Investors should note the direct offering price of $11.75> per share, as it will influence the stock's perceived value. Dual-listing in both the U.S. and Iceland could potentially increase the stock's liquidity and expose the company to a wider investment base. The dual-listing is also a nod to the company’s heritage, lauding its roots with the OPTIREACH® technology originating from Iceland.
Investors should pay attention to Oculis' operational progress, particularly the Phase 2b RELIEF trial for OCS-02 in Dry Eye Disease (DED), which is on track for a readout in Q2 2024. The outcome of this trial is a pivot point for the company's valuation, as positive results could significantly enhance the stock's attractiveness by shortening the timeline to potential market entry. The focus on DED, a common and growing ailment, suggests a large market opportunity if the drug proves to be effective and safe. As the trial's readout nears, investor sentiment could swing based on speculative results, so a keen watch on this development is advised.
The market-making agreements with Landsbankinn hf. and Íslandsbanki hf. are vital for maintaining liquidity and stabilizing the share price on the Nasdaq Iceland. The terms indicating limits on daily net trade values and spreads based on volatility underscore the intent to foster a stable trading environment. Such arrangements are beneficial, particularly for a company like Oculis which may not have a broad trading history on the Nasdaq Iceland. Investors should understand that these agreements are designed to facilitate smoother trading activity, but do not eliminate market risks inherent in stock trading.
Raised gross proceeds of $59 million through the issuance and sale of 5,000,000 of its ordinary shares to Icelandic institutional and existing investors
Becomes second company dual-listed on NASDAQ U.S. and NASDAQ Iceland Main Market, trading under the symbol “OCS” beginning April 23, 2024
Oculis will ring the Nasdaq Iceland opening bell on April 23, 2024, at 9:30 GMT
Phase 2b RELIEF trial of OCS-02 (Licaminlimab) in Dry Eye Disease (DED) remains on track to readout in Q2 2024
ZUG, Switzerland, April 22, 2024 (GLOBE NEWSWIRE) -- Oculis Holding AG (Nasdaq Global Market: OCS) (“Oculis” or the “Company”) today announced that it closed its registered direct offering, successfully raising gross proceeds of $59 million through the issuance and sale of 5,000,000 of its ordinary shares, nominal value CHF 0.01 per share (the “Shares”) at a purchase price of $11.75 per Share to investors (the “Financing”). The Company also announced that trading in its ordinary shares on the Nasdaq Iceland Main Market (“Main Market”) under the ticker symbol “OCS” will begin on April 23, 2024. Oculis’ ordinary shares are currently listed on the Nasdaq Global Market in the U.S. under the ticker symbol “OCS” and began trading in the U.S. on March 3, 2023. The Company’s listing on the Main Market will make it the second company to dual-list its shares in the U.S. and in Iceland. To celebrate the listing on Main Market, Oculis will ring the opening bell at 9:30 GMT on April 23, 2024.
Riad Sherif, M.D., Chief Executive Officer of Oculis: “We are honored to ring the opening bell in celebration of the listing and excited to have our shares listed on the Nasdaq Iceland Main Market in addition to the U.S. Global Market. Being dually-listed will allow a broader range of investors to join us on our journey of solving significant medical needs in ophthalmology with breakthrough innovations, such as the OPTIREACH® technology that was invented in Iceland. We remain committed to our mission and look forward to providing an update on our upcoming Phase 2b RELIEF trial readout in this quarter.”
Arctica Finance ehf. provided process oversight for the listing of Oculis’ shares on the Main Market and served as Oculis’ financial advisor with regard to the Financing. BBA//Fjeldco, Cooley LLP and Vischer AG served as legal advisors to Oculis in connection with the Main Market listing and the Financing.
Oculis has also entered into market making agreements with Landsbankinn hf. and Íslandsbanki hf., who will place bids and offers for certain amounts with a fixed spread. The market making agreements will only apply to trading on the Main Market and go into effect on April 23, 2024.
Terms of Market Making Agreement with Landsbanki
Landsbankinn will submit bids and offers amounting to at least ISK 5 million at market value at any given time. Net value of trades is capped at ISK 10 million per day, i.e., the difference between the aggregate value of all accepted offers and the aggregate value of all accepted bids within the day. The maximum weighted average spread between bid and ask market making orders is based on the rolling 10 days’ price volatility of the shares: 2.5% when the 10 days’ volatility is under 35% or less 4.0% when the volatility is 35% or higher. The market making agreement is for an indefinite term, but each of the two parties may choose to terminate after giving a 7-day prior notice.
Terms of Market Making Agreement with Íslandsbanki
Íslandsbanki will, at any given time, have bids and offers for a minimum of ISK 5 million at a price per share decided by Íslandsbanki, that may not deviate from the last trading price by more than 3%. The spread between the bid and offer price shall be decided based on the price table of Nasdaq Iceland at any given time, whereas the spread shall be close to 1.5%, and in any event no less than 1.4%. If trades made by Íslandsbanki in auto match exceed ISK 50 million within a trading day through Íslandsbanki’s proprietary trading, Íslandsbanki is no longer bound by the market making agreement within the same trading day. If price changes of the Issuer’s shares exceed 5% within a trading day, Íslandsbanki has the right to increase the bid/ask spread, temporarily within the trading day, to 3%. The market making agreement is for an indefinite term, but each of the two parties may choose to terminate after giving a 14-day prior notice.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, 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 the registration or qualification under the securities laws of any such state or jurisdiction. There was no public offering of Shares in the United States.
About Oculis
Oculis is a global biopharmaceutical company (Nasdaq: OCS) purposefully driven to save sight and improve eye care. Oculis’ highly differentiated pipeline comprises multiple innovative product candidates in development. It includes OCS-01, a topical eye drop candidate for diabetic macular edema (DME) and for the treatment of inflammation and pain following cataract surgery; OCS-02 (licaminlimab), a topical biologic anti-TNFα eye drop candidate for dry eye disease (DED) and for non-infectious anterior uveitis; and OCS-05, a disease modifying candidate for acute optic neuritis (AON) and other neuro-ophthalmic disorders such as glaucoma, diabetic retinopathy, geographic atrophy, and neurotrophic keratitis. Headquartered in Switzerland and with operations in the U.S. and Iceland, Oculis’ goal is to deliver life-changing treatments to patients worldwide. The Company is led by an experienced management team with a successful track record and is supported by leading international healthcare investors.
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including with respect to the commencement of trading of Oculis’ ordinary shares on the Main Market. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those that are described in the Risk Factors sections of the prospectus supplement for the Financing to be filed with the SEC and Oculis’ other SEC filings, any of which could cause the events and circumstances discussed in such forward-looking statements to not occur on the terms described or at all. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Oculis undertakes no obligation to update any such forward-looking statements after the date hereof, except as required by law.
FAQ
How much did Oculis raise through the registered direct offering?
Oculis raised $59 million through the sale of 5,000,000 ordinary shares at $11.75 per share.
When will Oculis commence trading on the Nasdaq Iceland Main Market?
Oculis will begin trading on the Nasdaq Iceland Main Market under the symbol 'OCS' on April 23, 2024.
What is the ticker symbol of Oculis on the Nasdaq U.S. market?
Oculis is listed on the Nasdaq U.S. market under the ticker symbol 'OCS'.
What trial is Oculis conducting in Dry Eye Disease?
Oculis is conducting the Phase 2b RELIEF trial of OCS-02 (Licaminlimab) in Dry Eye Disease.
What will Oculis do to celebrate its listing on the Nasdaq Iceland Main Market?
Oculis will ring the Nasdaq Iceland opening bell on April 23, 2024, at 9:30 GMT.
