REDWOOD CITY, Calif., September 24, 2020 – Graybug Vision, Inc. (Nasdaq: GRAY), a clinical-stage biopharmaceutical company focused on developing transformative medicines to treat chronic vision-threatening diseases of the retina and optic nerve, today announced the pricing of its upsized initial public offering of 5,625,000 shares of common stock at a public offering price of $16.00 per share. All of the shares are being offered by Graybug. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Graybug, are expected to be $90.0 million. In addition, Graybug has granted the underwriters a 30-day option to purchase up to an additional 843,750 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Market on September 25, 2020 under the symbol “GRAY.” The offering is expected to close on September 29, 2020, subject to customary closing conditions.
SVB Leerink and Piper Sandler are acting as joint bookrunning managers for the offering. Needham & Company and Wedbush PacGrow are acting as passive bookrunners for the offering.
Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on September 24, 2020. The offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by email at email@example.com, or by telephone at (800) 808-7525, ext. 6132; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by email at firstname.lastname@example.org, or by telephone at (800) 747-3924.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Graybug Vision
Graybug is a clinical-stage biopharmaceutical company focused on developing transformative medicines to treat chronic diseases of the retina and optic nerve. The company’s proprietary ocular delivery technologies are designed to maintain effective drug levels in ocular tissue for up to six months and potentially longer, improving patient compliance, reducing healthcare burdens and ultimately delivering better clinical outcomes. Graybug’s lead product candidate, GB-102, a microparticle depot formulation of sunitinib malate, inhibits multiple neovascular pathways for the intravitreal treatment of retinal diseases, including wet age-related macular degeneration, with a six-month dosing regimen. Graybug is also using its proprietary technologies to develop GB-401, an injectable depot formulation of a beta-adrenergic prodrug, for primary open-angle glaucoma, with a dosing regimen of once every six months or longer, and GB-103, a longer-acting version of GB-102, designed to maintain therapeutic drug levels in the retinal tissue for 12 months with a single injection. Founded in 2011 on the basis of technology licensed from the Johns Hopkins University School of Medicine, Graybug is headquartered in Redwood City, California. For more information, please visit www.graybug.vision.