KALA - Kala Pharma shares more than triple in value on new drug application nod financing
- Shares of Kala Pharmaceuticals ( NASDAQ: KALA ) more than tripled in value on Wednesday, a day after the U.S. Food and Drug Administration accepted an investigational new drug (IND) application by the company.
- KALA stock closed 218.4% higher at $12.48.
- The micro-cap clinical-stage biopharma after hours on Tuesday said the FDA had accepted its IND application for its lead product candidate KPI-012 for the treatment of persistent corneal epithelial defect (PCED).
- PCED can result from lack of complete healing and proper closure after a corneal injury.
- KALA said it is on track to start a mid-stage trial of KPI-012 for PCED in Q1 2023.
- KALA on Tuesday also said it had received a remaining $25M investment under a previously announced private placement financing.
- It is worth noting that KALA stock had been on a weak run, snapping a ten day losing streak only last week.
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Kala Pharma shares more than triple in value on new drug application nod, financing