Kala Pharmaceuticals (KALA) stock surged today, from December 27, 2022, after the company announced that the U.S. Food and Drug Administration had accepted its Investigational New Drug (IND) application for KPI-012, its lead drug candidate for the treatment of persistent corneal epithelial defect (PCED). The announcement of the FDA acceptance has given investors confidence in Kala’s ability to develop and commercialize KPI-012 and has contributed to the surge in its stock price.
This news comes on the heels of Kala’s announcement in September of its private placement financing, which provided the company with $25 million in additional capital. Kala has since used this additional capital to advance its development of KPI-012, which is now on-track to initiate a Phase 2b trial in the first quarter of 2023.
Kala’s long-term prospects have been further bolstered by its partnership with Alcon, a global eye care leader, which has expanded its portfolio of eye disease products by purchasing two commercial products based on Kala’s mucus-penetrating particle (MPP) technology. This technology is designed to enable better drug delivery to the eyes and has been used by Alcon in the development of its products.
In addition to its partnerships, Kala has also been building up its financial position through prudent management of its assets. According to its most recent financial report, Kala’s total assets are $ and its liabilities and stockholders’ equity are $. Kala also has accounts payable and accrued expenses of $, indicating a strong balance sheet.
Overall, Kala Pharmaceuticals has been making impressive progress in its development of KPI-012 and has been leveraging its partnerships and financial position to strengthen its prospects for the future. This has contributed to the surge in its stock price today and has provided investors with confidence in the company’s long-term potential.