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Aerie Pharmaceuticals raises US$125mln off the back of phase 3 results share surge

Phase 3 trials showed the drug out-performed its other glaucoma treatment Rhopressa at reducing pressure inside the eye.

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Aerie intends to use the net proceeds of the offerings for general corporate purposes

Aerie Pharmaceuticals, Inc (NASDAQ:AERI) has raised US$125mln after positive phase 3 trial results sent shares skyward yesterday.

On Friday morning it announced the pricing of an underwritten public offering of US$75mln of shares at a price of US$29.50 per share.

In addition to the US$50mln raised separately through an “at the market program” via broker Cantor Fitzgerald, the group raised a total of US$125mln.

Aerie intends to use the net proceeds of the offerings for general corporate purposes, including the complete funding of its Rhopressa commercialization costs, execution of clinical trials in Japan, commencement of construction of a manufacturing plant in Ireland and continuation of preclinical activity in support of its product pipeline, along with on-going working capital requirements.

Phase 3 trials showed the drug out-performed its other glaucoma treatment Rhopressa at reducing pressure inside the eye.

The study showed efficacy was 1 to 3mmHg greater than Rhopressa or other rivals. Trials showed it was well tolerated with the most common adverse effect being mild redness in the eye.

Aerie recently filed a new drug application for its once-daily Rhopressa after trials showed its glaucoma drug Roclatan was just as effective as the rival twice daily beta blocker timolol.

The market for glaucoma is estimated to be worth around US$2.2bn a year in the US.

Quick facts: Aerie Pharmaceuticals

Price: 21.07 USD

NASDAQ:AERI
Market: NASDAQ
Market Cap: $967.94 m
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