Loan & DebtMay 14, 2026, 04:32 PM
Ocugen Closes $130M Convertible Senior Notes Offering
AI Summary
Ocugen, Inc. announced the closing of a private offering of $130.0 million aggregate principal amount of 6.75% Convertible Senior Notes due 2034, including the full exercise of an option for additional notes. The offering is expected to result in approximately $112.6 million in net proceeds for the company. Ocugen used about $32.7 million of these proceeds to fully repay its outstanding loan with affiliates of Avenue Capital Group, with the remainder allocated for general corporate purposes. This financing extends the company's cash runway into 2028, supporting its goal to advance three late-stage programs and file three Biologics License Applications (BLAs) by 2028.
Key Highlights
- Ocugen closed a private offering of $130.0 million aggregate principal amount of 6.75% Convertible Senior Notes due 2034.
- The offering included the full exercise of the initial purchaser's option for an additional $15.0 million in notes.
- Net proceeds to Ocugen are expected to be approximately $112.6 million after expenses.
- The offering price of the notes was 90% of the principal amount.
- Approximately $32.7 million of net proceeds were used to fully repay the outstanding loan under the Avenue Loan Agreement.
- The remaining net proceeds will be used for general corporate purposes.
- The financing extends Ocugen's anticipated cash runway into 2028.
- Ocugen aims to advance three late-stage programs and file three BLAs by 2028.