DURHAM – Shares in Aerie Pharmaceuticals rose more than 3 percent Wednesday after the eye drug development company disclosed an offering of covertible notes raised $316.5 million.

The original amount set last week was $250 million then raised to $275 million. The exercise of $41.25 million in notes came from institutional buyers.

Some $4 million is set aside for costs related to the fund raise, the company said.

Remaining capital will be used to “fund its commercialization programs in the United States for both Rhopressa and Rocklatan, its clinical, regulatory and commercialization efforts beyond the United States, further development of other potential pipeline opportunities, including activities to support execution of its retina programs, evaluating possible uses of its existing proprietary portfolio of molecules beyond ophthalmology, its external business development efforts and its manufacturing activities, including the operation of its own manufacturing plant in Ireland,” the company.

Its shares trade on the Nasdaq under the symbol “AERI.”

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Durham-based Aerie Pharmaceuticals looks to raise $275M