OccuLogix Inc. of Mississauga, Ontario, Monday lifted the estimated price range of its pending initial public offering by $2.
The Canadian company increased the price to $10 to $12 a share from $8 to $10 a share. It still plans to offer 8.4 million shares, including 2.8 million shares on behalf of selling holders.
TLC Vision Corp., OccuLogix's major stockholder, currently holds a 65.8 percent stake and plans to sell 2,328,725 shares in the offering.
OccuLogix said it will use net proceeds from the IPO to fund its ongoing pivotal clinical trial, MIRA-1 and related clinical trials. It also will use the funds to continue its expansion in Canada and for general corporate purposes.
OccuLogix said it will not receive any proceeds from the sale of the shares by the selling holders.
OccuLogix is an ophthalmic therapeutic company and will be listed on the Nasdaq National Market under the symbol RHEO. The Toronto Stock Exchange has conditionally approved the listing of the company's common stock under the symbol RHE.
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