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Kala Pharmaceuticals Announces Up to $31 Million Private Placement Financing
ARLINGTON, Mass., Nov. 28, 2022 (GLOBE NEWSWIRE) -- Kala Pharmaceuticals, Inc. (NASDAQ:KALA), a clinical-stage biopharmaceutical company dedicated to the
About this update from Kala Bio, Inc.
[{"type":"text","content":"ARLINGTON, Mass., Nov. 28, 2022 (GLOBE NEWSWIRE) -- Kala Pharmaceuticals, Inc. (NASDAQ:KALA), a clinical-stage biopharmaceutical company dedicated to the research, development and commercialization of innovative therapies for rare diseases of the eye, today announced that it has entered into a definitive agreement with a life sciences-focused investor for the sale, in a private placement priced at-the-market under Nasdaq rules, of shares of its common stock and Series E Convertible Non-Redeemable Preferred Stock (Series E Preferred) in two tranches for gross proceeds of up to $31 million. Under the terms of the agreement, Kala has agreed to sell in a first tranche an aggregate of 76,813 shares of its common stock at a price of $5.75 per share and an aggregate of 9,666 shares of its Series E Preferred at a price of $575.00 per share, for gross proceeds of approximately $6 million. The first tranche is expected to close on or about December 1, 2022. In addition, subject to acceptance by the U.S. Food and Drug Administration (FDA) of Kala’s investigational new drug (IND) application for KPI-012 in persistent corneal epithelial defect (PCED), the investor has agreed to purchase in a second tranche an aggregate of 43,478 shares of Series E Preferred at a price of $575.00 per share, for gross proceeds of approximately $25 million. Kala intends to use proceeds from the financing to advance the clinical development of KPI-012 for the treatment of PCED, as well as for general corporate purposes. The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. 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 securities of Kala in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About KPI-012 for Persistent Corneal Epithelial Defect (PCED)Persistent corneal epithelial defect, which is defined as a persistent non-healing corneal defect or wound that is refract...