Kala Pharmaceuticals Stock Jumps 79% as FDA Accepts Drug Application For Eye Condition

By Sabela Ojea

Shares of Kala Pharmaceuticals Inc. on Tuesday jumped about 79% in after-hours trading after the company said the U.S. Food and Drug Administration accepted its investigational new drug application for the treatment of an eye rare condition through its KPI-012 product candidate.

Shares were trading about 79% higher at $7.01. For the year, shares are down about 94%.

The pharmaceutical company said KPI-012 is aimed at treating persistent corneal epithelial defects, which can result after a corneal injury.

"We are working closely with investigators to initiate our Phase 2b clinical trial of KPI-012 for PCED in the first quarter of 2023," Chief Medical Officer Kim Brazzell said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 27, 2022 16:34 ET (21:34 GMT)

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