TearLab Corp. (San Diego) announced that it has priced an underwritten public offering of 3 million shares of its common stock at a price to the public of $3.60 per share for gross proceeds of $10.8 million. The net proceeds from the sale of the shares, after deducting the underwriter's discounts and other estimated offering expenses payable by TearLab, will be approximately $9.8 million. The Company has also granted the underwriter a 30-day option to purchase up to an additional 450,000 shares of common stock offered in the public offering to cover overallotments, if any.

The proceeds of the offering will be used for working capital and general corporate purposes. The offering is expected to close on or about April 16, 2012, subject to the satisfaction of customary closing conditions.

Craig-Hallum Capital Group LLC is acting as the sole book-running manager for the offering.