Kala Pharmaceuticals Announces Pricing of Public Offering of 16,000,000 Shares of Common Stock
March 10 2020 - 11:02PM
Business Wire
Kala Pharmaceuticals, Inc. (“Kala”) (NASDAQ:KALA), a
biopharmaceutical company focused on the discovery, development and
commercialization of innovative therapies for diseases of the eye,
announced today the pricing of an underwritten public offering of
16,000,000 shares of its common stock at a public offering price of
$7.89 per share, before underwriting discounts and commissions. The
offering will result in aggregate gross proceeds of approximately
$126.2 million to Kala, before deducting underwriting discounts and
commissions and offering expenses. Kala also granted the
underwriters of the offering an option for a period of 30 days to
purchase up to an additional 2,400,000 shares of common stock
offered in the public offering at the public offering price, less
underwriting discounts and commissions. The offering is expected to
close on or about March 13, 2020, subject to customary closing
conditions.
J.P. Morgan, BofA Securities and Jefferies are acting as joint
bookrunning managers for the offering. Wedbush PacGrow, Oppenheimer
& Co. and H.C. Wainwright & Co. are acting as co-managers
for the offering.
The shares are being offered by Kala pursuant to a shelf
registration statement (including a prospectus) on Form S-3 that
was previously filed with and declared effective by the U.S.
Securities and Exchange Commission (“SEC”). The offering is being
made only by means of the written prospectus and prospectus
supplement that form a part of the registration statement. A
preliminary prospectus supplement relating to and describing the
terms of the offering was filed with the SEC on March 10, 2020 and
is available on the SEC’s website at www.sec.gov. A final
prospectus supplement relating to the offering will be filed with
the SEC and will form a part of the registration statement, and
will also be available on the SEC’s website.
Copies of the final prospectus supplement and accompanying
prospectus relating to the offering, when available, may also be
obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by
telephone at (866) 803-9204; BofA Securities, Inc., NC1-004-03-43,
200 North College Street, 3rd floor, Charlotte, NC 28255-0001,
Attention: Prospectus Department, or by email at
dg.prospectus_requests@bofa.com; or Jefferies LLC, Attention:
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, or by telephone at (877) 821-7388, or by
email at Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification of these securities under the securities laws of any
such state or jurisdiction.
About Kala Pharmaceuticals
Kala is a biopharmaceutical company focused on the discovery,
development and commercialization of innovative therapies for
diseases of the eye. Kala has applied its AMPPLIFYTM mucus
penetrating particle Drug Delivery Technology to a corticosteroid,
loteprednol etabonate (LE), designed for ocular applications,
resulting in the January 2019 launch of INVELTYS® (loteprednol
etabonate ophthalmic suspension) 1% and its investigational product
candidate, EYSUVISTM (loteprednol etabonate ophthalmic suspension)
0.25%, which is being studied for the temporary relief of the signs
and symptoms of dry eye disease.
Forward-Looking Statements
This release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
such as those, among others, relating to the anticipated closing
date of the public offering. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,”
“would” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these or similar identifying words. Actual
results may differ materially from those projected or implied in
these forward-looking statements. Factors that may cause such a
difference include, without limitation, substantial risks and
uncertainties related to the satisfaction of customary closing
conditions for the public offering and the impact of general
economic, industry or political conditions in the United States or
internationally. You should not place undue reliance on these
forward-looking statements. Additional risks and uncertainties
relating to the offering, Kala and its business can be found under
the caption “Risk Factors” in Kala’s most recently filed Annual
Report on Form 10-K, the preliminary prospectus supplement filed
with the SEC on March 10, 2020 in connection with the offering and
other filings Kala makes with the SEC. All information in this
press release is as of the date of the release and should not be
relied upon as representing Kala’s views as of any subsequent date,
and Kala undertakes no duty to update this information unless
required by law.
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Investor Contact Hannah Deresiewicz
hannah.deresiewicz@sternir.com 212-362-1200
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