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TearLab sells $40.4 million in common stock

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TearLab sold 2.99 million shares of common stock at $13.50 in a public offering ended July 30, according to a news release.

Total gross sales amounted to approximately $40.4 million, of which TearLab will collect approximately $37.5 million in net proceeds after deducting underwriter discounts and other offering expenses, the release said.

TearLab initially intended to sell 2.6 million shares for a $35.1 million gross and $32.6 million net, but ended up selling an additional 390,000 shares under an over-allotment option exercised by the underwriters.

The funds will be used for general corporate purposes, including commercialization of products, research and development and as working capital, according to the release.