Shares of Ocugen, Inc. (NASDAQ:OCGN) fell 6.6% in premarket trading on Wednesday after the biotech group announced the pricing of an underwritten common stock offering.
Ocugen said it will issue 15 million common shares at a price of $1.50 per share, with the transaction expected to raise $22.5 million in gross proceeds before underwriting fees and other expenses. The offering, led by RTW Investments with participation from both new and existing investors, is expected to close on or around January 22, 2026, subject to customary conditions.
The company plans to use the net proceeds for general corporate purposes, including capital expenditures, working capital needs, and general and administrative costs. Oppenheimer & Co. is acting as the sole book-running manager for the offering.
Ocugen is focused on the development of gene therapies for blindness-related diseases, using a modifier gene therapy platform aimed at treating complex conditions driven by imbalances across multiple gene networks. Its pipeline includes programs targeting retinitis pigmentosa, Stargardt disease and geographic atrophy, an advanced dry form of age-related macular degeneration.
All of the shares in the offering are being sold by Ocugen itself, with no participation from existing shareholders through secondary sales.