Eyegate Pharmaceuticals (EYEG) shares have fallen sharply in early trading after the company announced that it has entered entered into a definitive agreement with a single institutional investor to purchase shares of common stock and shares of Series A Convertible Preferred Stock for ~$3.77M in a registered direct offering. The Company has agreed to sell an aggregate of 441,000 shares of common stock at a price of $2.25 per share and 2,776.5 shares of Series A Convertible Preferred Stock, at a price of $1,000 per share. The Series A Convertible Preferred Stock is convertible at any time into ~1.23M shares of common stock at an initial conversion price of $2.25 per share.