Kala Pharmaceuticals Shares Jump Nearly 20% on News of IND, Private Placement
November 28 2022 - 5:39PM
Dow Jones News
By Stephen Nakrosis
Shares of Kala Pharmaceuticals Inc. were trading higher
after-hours Monday, after the company said it entered into a
definitive agreement for private-placement financing that could
generate $31 million, and also submitted an application for an
investigational new drug, or IND.
At 5:06 p.m. ET, the company's stock had risen 19.72% to trade
at $6.65 per share. The stock had finished the day's regular
session with a 1.92% loss, closing at $5.63 per share.
The private-placement deal with a life sciences-focused investor
will see Kala sell shares of its common stock and Series E
Convertible Non-Redeemable Preferred Stock in two tranches, for
gross proceeds of up to $31 million, the company said.
Kala seperately said it has submitted an IND application with
the U.S. Food and Drug Administration for KPI-012. The drug aims to
treat Persistent Corneal Epithelial Defect, a condition which can
lead to vision loss.
Subject to FDA acceptance of the IND, the company said it is
on-track to initiate a Phase 2b clinical trial of KPI-012 this
quarter.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 28, 2022 17:24 ET (22:24 GMT)
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