TearLab prices $17.3-million registered public offering


TearLab (NASDAQ:TEAR; TSX:TLB) has priced a public offering of common stock to raised gross proceeds of approximately $17.3-million to close on May 9.

The offering was priced at 75 cents a share of common stock, or common stock equivalent, with each share of common stock coupled with a warrant to purchase one-half of one share of common stock.

The warrants have an exercise price of $1.125 a share, are exercisable 12 months, provided that the company has sufficient authorized capital for all of the warrants to be exercised in full by holders, and will expire on the fifth anniversary of the date they become exercisable.

The company plans to file a registration statement to cover the common stock underlying the warrants on the 12-month anniversary, assuming the company has a sufficient number of authorized shares pursuant to any exercise of the warrants.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the sole book runner in connection with the offering.

TearLab intends to use the net proceeds from the offering for commercialization, working capital and general corporate purposes.


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