Oyster Point Pharma Prices IPO at $16.00-$18.00 Per Share (OYST)

Oyster Point Pharma (OYST) expects to raise $85 million in an IPO on Thursday, October 31st, IPO Scoop reports. The company will be issuing 5,000,000 shares at a price of $16.00-$18.00 per share.

The company has a market cap of $350.4 million.

J.P. Morgan, Cowen and Piper Jaffray acted as the underwriters for the IPO.

Oyster Point Pharma provided the following description of their company for its IPO: ”  We are a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class pharmaceutical therapies to treat ocular surface diseases. Our lead product candidate OC-01 (varenicline), a highly selective nicotinic acetylcholine receptor (nAChR) agonist, is being developed as a nasal spray to treat the signs and symptoms of dry eye disease (DED). OC-01’s novel mechanism of action is designed to re-establish tear film homeostasis by activating the trigeminal parasympathetic pathway and stimulating the glands and cells responsible for natural tear film production. In our Phase 2b clinical trial (ONSET-1) in 182 subjects, OC-01 demonstrated statistically significant improvements (as compared to placebo) in both signs and symptoms of DED in a single registrational clinical trial—we are not aware of any other therapy that has accomplished this in a single registrational clinical trial. Based on OC-01’s clinical trial results and its rapid onset of action, we believe OC-01, if approved, has the potential to become the new standard of care and redefine how DED is treated for millions of patients. We initiated a Phase 3 clinical trial (ONSET-2) in July 2019 and expect to report top-line results in mid-2020. “.

Oyster Point Pharma was founded in 2015 and has 18 employees. The company is located at 202 Carnegie Center, Suite 109, Princeton, NJ 08540, US and can be reached via phone at (609) 382-9032. or on the web at http://www.oysterpointrx.com.

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