Sight Sciences pitches $150M IPO for its glaucoma, dry eye devices
Ophthalmic device developer Sight Sciences hopes to see its way to nearly a $1 billion valuation through a $150 million Nasdaq IPO.
The company’s portfolio includes the Omni Surgical System, a hand-held, single-use device used to help drain fluids from the eye and reduce intraocular pressure in patients with glaucoma. The system can also help deliver a viscoelastic material through a microcatheter to enlarge the eye’s canals and relieve pressure through an alternative surgical method.
Meanwhile, its nonsurgical device, the TearCare system, is worn over the eyelid to apply localized heat as a treatment for dry eye as well as gland dysfunction. Between glaucoma and dry eye disease, Sight estimates the two markets total about $16 billion, with the former making up 94% of the company’s revenues over 2020.
And despite the COVID-19 pandemic, last year saw positive sales growth compared to the 2019 calendar year, with revenues of $27.6 million over $23.3 million, respectively.
By going public, the Menlo Park, California-based company hopes to fund ongoing and future clinical trials for both of its marketed systems as well as other R&D and commercial efforts, according to a prospectus filed with the Securities and Exchange Commission. The IPO includes 7 million shares under the ticker symbol “SGHT” at a price ranging from $20 to $23, according to Renaissance Capital. Sight had previously filed for a $100 million IPO in late June.
In March 2020, the company raised $30 million through a series E round led by D1 Capital Partners to help expand its commercial efforts. A year later, Sight counted more than 100 on its direct sales, marketing and support staff, according to the prospectus.