Ocular, Innocoll take haircuts to get out IPO door

Ocular Therapeutix Inc. (NASDAQ:OCUL) and Innocoll GmbH (NASDAQ:INNL) priced IPOs on Friday. Ocular raised $65 million through the sale of 5 million shares at $13. The price values the company at $267.4 million. Earlier this month, the company amended the offering to sell 5 million shares at $14-$16. At the $15 midpoint, the company would have raised $75 million and been valued at $308.5 million. Morgan Stanley; Cowen; RBC Capital; and Oppenheimer are underwriters. Ocular's OTX-DP, a hydrogel-based punctum plug that delivers sustained- and tapered-release dexamethasone over one month, is in Phase III testing to treat pain and inflammation associated with cataract surgery. Data are expected in 1Q15.

Innocoll raised $58.5 million through the sale of 6.5 million ADSs at $9. The price values the company at $178.3 million. Earlier this month, the company amended the offering to sell 5.4 million ADSs at $13-$15. At the $14 midpoint, Innocoll would have raised $74.9 million and been valued at $261.3 million. One ordinary share represents 13.25 ADSs. Piper Jaffray; Stifel; and JMP Securities are underwriters. This half, Innocoll plans to start Phase III testing of XaraColl to treat postoperative pain and Cogenzia to treat diabetic foot infections. XaraColl is a biodegradable and fully bioresorbable collagen/bupivacaine matrix developed using the company's CollaRx drug delivery technology. Cogenzia is a topical bioresorbable collagen sponge with gentamicin sulfate. ...