Kala Pharma Shares More Than Triple After FDA Accepts IND for KPI-012
December 28 2022 - 4:05PM
Dow Jones News
By Stephen Nakrosis
Shares of Kala Pharmaceuticals Inc. built on overnight gains and
more than tripled on the Nasdaq Wednesday, following news the U.S.
Food and Drug Administration accepted the investigational new drug
application for KPI-012.
The company said KPI-012 is a "human mesenchymal stem cell
secretome, initially in development for the treatment of persistent
corneal epithelial defect." Persistent corneal epithelial defect,
which results from corneal injury, can lead to infection and vision
loss, according to the U.S. National Institute of Health.
Kala said it is on track to initiate a Phase 2b trial of its
lead product candidate in the first quarter of next year.
At 3:23 p.m., the stock was trading at $13.93, extending gains
from Tuesday's after-hours session. Volume at the time was more
than 47.2 million shares, above the stock's 65-day average volume
of 205,507 shares.
The stock, which closed Tuesday at $3.92, opened Wednesday at
$6.26.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
December 28, 2022 15:50 ET (20:50 GMT)
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