Health and Healthcare
OvaScience Prices Secondary Offering
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OvaScience Inc. (NASDAQ: OVAS) shares dropped early on Thursday following the pricing of its secondary offering. The company announced that it has priced its secondary offering of 7.15 million shares at $7.00 per share. The offering is valued up to $50.05 million.
For some background: OvaScience is a global fertility company dedicated to improving treatment options for women around the world. OvaScience is discovering, developing and commercializing new fertility treatments because it believes women deserve more options.
Each OvaScience treatment is based on the company’s proprietary technology platform that leverages the breakthrough discovery of egg precursor (EggPC) cells — immature egg cells found inside the protective ovarian lining. The Augment treatment, a fertility option specifically designed to improve egg health, is available in certain in vitro fertilization (IVF) clinics in select international regions.
OvaScience has commenced a non-commercial preceptorship training program with the OvaPrime treatment, which could increase a woman’s egg reserve, and is developing the OvaTure treatment, a potential next-generation IVF treatment that could help a woman produce healthy, young, fertilizable eggs without hormone injections. OvaScience treatments are not available in the United States.
Net proceeds to OvaScience from this offering are expected to be roughly $46.8 million, after deducting underwriting discounts and commissions and estimated offering expenses. OvaScience intends to use the proceeds from this offering to fund the commercial expansion of the Augment treatment in its key regions, Japan and Canada, the ongoing pre-commercial activities for the OvaPrime treatment and the OvaTure treatment, and working capital and other general corporate purposes.
Shares of OvaScience traded down more than 24% to $7.37 on Thursday, with a consensus analyst price target of $8.60 and a 52-week trading range of $4.53 to $39.29.
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