Eye disease treatment developer Ocular Therapeutix has raised $65m from an initial public offering in which it floated below its range.

Ocular Therapeutix, a US-based biopharmaceutical company focusing on hydrogels to treat eye diseases, went public on Friday, raising $65m from an underpriced initial public offering.

Ocular, which counts healthcare companies Ascension Health and Baxter Healthcare among its backers, issued 5 million shares priced at $13.00 each, below its range of $14-$16.

Part of the proceeds from the offering will be used to advance Ocular’s OTX-DP drug candidate through clinical trials, with up to $24m to go to other clinical,…