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KALA BIO Announces $10,750,000 Private Placement

Dec 30, 2024•over 1 year ago

Contract Type

partnership

ArlingtonBiotechnology

Description

KALA BIO, Inc. announced a private placement agreement with a select group of institutional accredited investors for the sale of shares of its common stock and Series I Convertible Non-Redeemable Preferred Stock, raising approximately $10.75 million in gross proceeds. The private placement is expected to close on or about December 31, 2024, and the company intends to use the net proceeds to advance the clinical development of KPI-012 for the treatment of persistent corneal epithelial defect, as well as for general corporate purposes.

Company Information

Company

Kala

Location

Arlington, Massachusetts, United States

About

Kala is a clinical-stage biopharmaceutical company dedicated to the research, development and commercialization of innovative therapies for rare diseases of the eye. Kala’s biologics-based investigational therapies utilize Kala’s proprietary Mesenchymal Stem Cell Secretome (MSC-S) platform. Kala’s lead product candidate, KPI-012, is a human MSC-S, which contains numerous human-derived biofactors, such as growth factors, protease inhibitors, matrix proteins and neurotrophic factors that can potentially correct the impaired corneal healing that is an underlying etiology of multiple severe ocular diseases. KPI-012 is currently in clinical development for the treatment of persistent corneal epithelial defect (PCED), a rare disease of impaired corneal healing, for which it has received orphan drug designation from the U.S. Food and Drug Administration. Kala is also targeting the potential development of KPI-012 for the treatment of Partial Limbal Stem Cell Deficiency and ocular manifestations of moderate-to-severe Sjögren's and plans to initiate preclinical studies to evaluate the potential utility of its MSC-S platform for retinal degenerative diseases.

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