KALA KALA BIO Inc

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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