Ista Pharmaceuticals Inc. wrapped up its $56 million stock offering Wednesday.
The Irvine-based developer of eye drugs said underwriters agreed to buy an additional 825,000 shares from Ista.
In all, Ista sold 6.3 million shares at $8.88 each. Minus the offering’s costs, the drug developer expects to take in $52 million from the stock sale.
Banc of America Securities LLC and Thomas Weisel Partners LLC were lead managers in the stock offering, with Lazard Freres & Co. and C.E. Unterberg, Towbin LLC co-managing the sale.
Ista develops and commercializes drugs that treat dry eye, vitreous hemorrhage, diabetic retinopathy, hyphema, glaucoma, ocular pain and inflammation.
The company plans to grow by buying complementary products, either already marketed or in late-stage development. It expects to use proceeds from the offering to bring new drugs to market.
