Kala Bio Shares Rise 35% After $12.5 Million Private Placement

Dow Jones06-28

By Chris Wack

Kala Bio shares were up after the biopharmaceutical company entered into a securities purchase agreement for the sale of shares of its common and preferred stock in a private placement.

The company's stock rose 35%, to $6.22. It is down 9.4% year-to-date.

The biopharmaceutical company said it expects to see proceeds of $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.

Kala is selling 1.2 million shares at $5.85 a share, and 9,400 shares of its Series H preferred stock at $585 a share.

The private placement is expected to close on or about Friday.

Kala intends to use 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.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

June 27, 2024 13:52 ET (17:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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