JuSun
The shares of eye disease drug developer Kala Pharmaceuticals (KALA) surged over 100% for the second straight session on Thursday extending gains on its plans for lead candidate KPI-012 and an announcement on a private placement.
Kala (KALA) shares added over 200% on Wednesday, as ~51.9M shares changed hands after the company announced that the FDA accepted its clinical trial application for KPI-012 as a treatment for persistent corneal epithelial defect (PCEF).
The company plans to start a mid-stage trial for KPI-012 in PCED in Q1 2023, with topline data expected in Q1 2024.
“The acceptance of the KPI-012 IND is an important milestone for Kala, as we work to translate the promise of our MSC-S platform into better outcomes for people living with rare ocular surface diseases,” Chief Medical Officer Kim Brazzell remarked.
Concurrently, Kala (KALA) announced it received $25M that was remaining under a previously announced private placement financing.
The winning streak continued on Thursday as ~20.8M Kala (KALA) shares transacted compared to the 65-day average of ~1M, sending the stock to the highest level since May. However, Kala (KALA) shares trade ~66% below the level in January, as indicated in this graph.
On Wall Street, Kala (KALA) remains a favorite with only Buy ratings and no Sell or Hold ratings.
