KALA - KALA BIO Announces $12500000 Private Placement | Benzinga
ARLINGTON, Mass., June 27, 2024 (GLOBE NEWSWIRE) -- KALA BIO, Inc. (NASDAQ:KALA), a clinical-stage biopharmaceutical company dedicated to the research, development and commercialization of innovative therapies for rare and severe diseases of the eye, today announced that it has entered into a securities purchase agreement with a select group of institutional accredited investors for the sale, in a private placement, of shares of its common stock and shares of its Series H Convertible Non-Redeemable Preferred Stock (the "Series H Preferred Stock"), for aggregate gross proceeds of approximately $12.5 million, before deducting offering expenses.
The private placement was led by SR One with participation from ADAR1 Capital Management and another life sciences-focused investor.
In the private placement, KALA has agreed to sell 1,197,314 shares of its common stock at a price of $5.85 per share and 9,393 shares of its Series H Preferred Stock at a price of $585.00 per share. The private placement is expected to close on or about June 28, 2024, subject to the satisfaction of customary closing conditions.
KALA intends to use the net proceeds from the private placement to advance the clinical development of KPI-012 for the treatment of persistent corneal epithelial defect, 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 (the "Securities Act"), or applicable state securities laws, and may not be offered or sold in ...