TearLab (NYSE:TEU) is looking to widen its capital base by more than $32 million in an underwritten public offering of its common stock. The company is floating 2.6 million shares at a price of $13.50 apiece. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 15% of the total number of shares to cover overallotments.

TearLab said it plans to use the estimated net proceeds of $32.6 million for "commercialization of its products, research and development, working capital and other general corporate purposes."

The joint book-running managers of the issue are Canacord Genuity and Craig-Hallum Capital Group. TearLab expects that the offering will close on or about July 30. 

At the moment, TearLab has just under 29 million shares outstanding, and its stock trades at $13.87 per share.

Fool contributor Eric Volkman has no position in TearLab, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.