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Here is why did IVERIC bio-Inc. (ISEE) stock slide down on Monday?

PTGX stock

PTGX stock

IVERIC bio Inc. (ISEE) shares declined 3.00% in after-hours on Monday, July 12, 2021, and closed the day at $8.74 per share. Earlier, ISEE’s stock lost 6.15% in the morning session on Monday and closed at $9.01 per share. ISEE shares have risen 103.85% over the last 12 months, and they have moved up 13.48% in the past week. Over the past three months, the stock has gained 58.35%, while over the past six months, it has lost 35.80%.

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Pricing of $100 Million Public Offering of Common Stock

On July 13, 2021, IVERIC bio, Inc announced the pricing of an underwritten public offering of 11,650,000 shares of its common stock at a price to the public of $8.60 per share. The underwriters can buy additional 1,747,500 shares of common stock at the public offering price within 30 days.


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The company will get approximately $100.2 million in gross proceeds.

FDA Special Protocol Assessment (SPA) for GATHER2

On July 06, 2021, IVERIC bio, Inc received a written agreement from the U.S. Food and Drug Administration (FDA) under a Special Protocol Assessment (SPA) for the overall design of GATHER2, the Company’s pivotal clinical trial of Zimura® (avacincaptad pegol) in development for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD).

The Company expects to complete enrollment in GATHER2 in late July of this year and expecting topline GATHER2 data in the second half of 2022.

Positive Post-Hoc Analyses Of Zimura

On June 18, 2021, Iveric Bio Inc shared the new post-hoc analyses of GATHER1 and the progress of GATHER2 clinical trials evaluating Zimura (avacincaptad pegol) for geographic atrophy (G.A.) secondary to age-related macular degeneration (AMD).

The18 month post-hoc analyses confirmed that Zimura 2 mg can potentially impact earlier stages of dry AMD before G.A.

A 19.6% reduction in the rate of progression from drusen to nascent G.A. (iRORA/cRORA) compared to sham was observed, representing a relative risk reduction of 72%.

A 21.8% reduction in the rate of progression from iRORA to cRORA compared to sham, equivalent to 52% risk reduction.

Hosting Investor Symposium

Iveric Bio Inc hosted its Dry Age-Related Macular Degeneration Virtual Symposium for investors and analysts which held on Friday, June 18, 2021, from 10:00 a.m. to 12:00 p.m. Eastern Time.

The company presented Zimura® (avacincaptad pegol) pivotal program in geographic atrophy (GA) secondary to Age-related Macular Degeneration (AMD) with an update on patient enrollment and retention in the Zimura GATHER2 clinical trial, the dry AMD landscape, and highlights on the Company’s HtrA1 inhibitor, IC-500, in AMD.

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Conclusion

Well, the commencing of its common stock offering was the reason behind its loss on Monday, and today company announced the pricing of its common stock offering so let’s see how this pricing will affect its share price in the stock market on Tuesday.

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