IVERIC bio, Inc. (ISEE) experienced an increase of 42.58% in the aftermarket. However, the last trading session concluded at $8.69 with a decline of 1.14%.
What’s taking place?
Though ISEE did not release any latest news on today’s date. Yet there is much important news in recent times. Let’s cover them to see where is the stock standing.
ISEE Reports Inducement Grants Under Nasdaq Listing Rule
On 2nd September 2021, ISEE reported that three recently hired non-executive workers received equity-based incentives. The company gave them incentives under the 2019 Inducement Stock Incentive Plan.
Moreover, the Company’s compensation and talent strategy committee approved the inducement grants. And they were made as a material inducement to the employee’s acceptance in accordance with Nasdaq Listing Rule 5635(c)(4).
A non-statutory option to acquire an aggregate of 155,000 shares of the Company’s common stock and two awards of 12,500 restricted stock units for shares of the Company’s common stock made up the incentive grants.
ISEE released second-quarter 2021 financial results
The company announced second-quarter 2021 financial results on 4th August 2021. ISEE has $159.9 million in cash and cash equivalents as of June 30, 2021.
First, the Company raised $108 million in net proceeds through an underwritten public offering of common stock in July 2021. Not only this, but the company also sold 13,397,500 shares of ordinary stock.
Secondly, the Company now expects cash, cash equivalents, and available for sale securities to total $215 million to $225 million at the end of 2021. Last but not the least, the company also expects its cash to be adequate to finance its anticipated capital expenditures and operational expenses until at least mid-year 2024.
ISEE Completes Patient Enrollment of GATHER2 Pivotal Clinical Trial
ISEE stated on 26th July 2021 that GATHER2 has reached an early completion of patient enrolment (AMD). The company expects to get Topline GATHER2 data in the second half of 2022. This will continue until the year after the last patient is enrolled, plus the time required for database lock and analysis.
Furthermore, the company also revealed that it had acquired formal approval from the US Food and Drug Administration (FDA) for the general design of GATHER2. The company will do this under a Special Protocol Assessment (SPA). Lastly, if the current GATHER2 clinical study fulfills its primary objective at 12 months, the Company intends to file an application with the FDA for commercial clearance of Zimura for GA.
Leave a Reply