U.S. Biotech Targets Blindness Treatment, Raises $160 Million via Convertible Bonds Maturing in 2034

Ocugen, Inc. (Nasdaq: OCGN) announced on May 4 that it plans a private placement of $115 million of 6.75% unsecured convertible senior notes due 2034. The notes will be offered solely to qualified institutional buyers under Rule 144A. Of the expected net proceeds, approximately $32.7 million will be used to repay a 12.5% Avenue Capital term loan, and the balance will fund general corporate purposes.

The company says this financing will lower its high-rate debt burden and extend its cash runway into 2028, supporting continued development of its ophthalmology gene-therapy pipeline.

In a first-quarter 2026 financial and business update released the same day, Ocugen reported that it has completed enrollment and dosing in the pivotal registration trials for OCU400, its candidate for retinitis pigmentosa, and OCU410ST, its candidate for Stargardt disease. The company is targeting at least two Biologics License Application (BLA) submissions by 2027.

Ocugen also noted that OCU410, its gene-therapy candidate for geographic atrophy, is preparing for Phase 3 entry and regulatory submissions after 2026, based on encouraging mid-stage data.

Headquartered in Pennsylvania, Ocugen is a Nasdaq-listed, clinical-stage biotech focused on developing gene therapies for sight-threatening diseases—such as rare inherited retinal disorders and dry age-related macular degeneration—through its OCU400, OCU410 and OCU410ST platforms.

Despite small patient populations, the ophthalmic gene-therapy market commands high prices and limited alternatives, making it a high-risk, high-cost area that has drawn acquisitions, partnerships and substantial R&D investment from global pharmaceutical firms.