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May4TearLab Announces $17.3 Million Registered Public Offering

SAN DIEGO, May 04, 2016 (GLOBE NEWSWIRE) -- TearLab Corporation (NASDAQ:TEAR) (TSX:TLB) (“TearLab” or the “Company”) announced today the pricing of a public offering of the Company’s common stock, resulting in total gross proceeds of approximately $17.3 million.  The offering is expected to close on or about May 9, 2016, subject to satisfaction of customary closing conditions.  


The offering was priced at $0.75 per share of common stock (or common stock equivalent), with each share of common stock coupled with a warrant to purchase one-half of one share of common stock. 


The warrants have an exercise price of $1.125 per share, are exercisable 12 months from the date of issuance, provided that the Company has sufficient authorized capital to allow all of the warrants to be exercised in full by the holders, and will expire on the fifth anniversary of the date they become exercisable.  The Company plans to file a registration statement to cover the common stock underlying the warrants upon the 12-month anniversary, assuming the Company has a sufficient number of authorized shares of its common stock to issue shares pursuant to any exercise of the warrants. 


Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the sole book runner in connection with the offering. 


TearLab intends to use the net proceeds from the offering for commercialization, working capital and general corporate purposes.


The securities are being offered pursuant to an effective registration statement on Form S-1 (File No. 333-210326) that was previously filed with the Securities and Exchange Commission (“SEC”). The securities may be offered only by means of a prospectus. The preliminary prospectus related to the offering has been filed with the SEC and a final prospectus related to the offering will be filed with the SEC on or about May 4, 2016.  Copies of the preliminary prospectus and the final prospectus, when available, may be obtained at the SEC’s website located at http://www.sec.gov, or from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, New York 10022, via e-mail at placements@hcwco.com or via telephone at (212) 356-0530.


This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of TearLab, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


About TearLab Corporation

TearLab Corporation (www.tearlab.com) develops and markets lab-on-a-chip technologies that enable eye care practitioners to improve standard of care by objectively and quantitatively testing for disease markers in tears at the point-of-care.  The TearLab Osmolarity® Test, for diagnosing Dry Eye Disease, is the first assay developed for the award-winning TearLab Osmolarity System.  TearLab Corporation's common shares trade on the NASDAQ Capital Market under the symbol 'TEAR' and on the Toronto Stock Exchange under the symbol 'TLB'.


Forward-Looking Statements

In order to provide TearLab’s investors with an understanding of our current intentions and future prospects, this release may contain statements that are forward-looking.  Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include our expectations regarding our future fundraising activities.


Forward-looking statements involve risks and uncertainties related to our business and the general economic environment, many beyond our control. These risks, uncertainties and other factors could cause our actual results to differ materially from those projected in forward-looking statements, including market risk and the risks we identify in reports filed with the Securities and Exchange Commission.


Although we believe that the forward-looking statements contained herein are reasonable, we can give no assurance that our expectations are correct. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For a detailed description of our risks and uncertainties, you are encouraged to review the official corporate documents filed with the Securities and Exchange Commission. TearLab does not undertake any obligation to publicly update its forward-looking statements based on events or circumstances after the date hereof.



Stephen Kilmer
(647) 872-4849