KALA BIO, Inc. announced on December 30, 2024, that it entered into a securities purchase agreement for a private placement, raising approximately $10.75 million in gross proceeds. The financing involved the sale of common stock and Series I Convertible Non-Redeemable Preferred Stock to a select group of institutional accredited investors. This capital infusion is critical for the company's ongoing operations and strategic objectives.
The private placement included participation from both new and existing investors, such as SR One, Cormorant Asset Management, and Woodline Partners. KALA agreed to sell 1,340,603 shares of its common stock at $6.44 per share and 3,286 shares of its Series I Preferred Stock at $644.00 per share. The transaction was expected to close on or about December 31, 2024, subject to customary closing conditions.
KALA anticipates that these new funds, combined with existing cash resources, will enable it to finance operations into the first quarter of 2026. The net proceeds are specifically earmarked to advance the clinical development of KPI-012 for persistent corneal epithelial defect (PCED) and for general corporate purposes. The company also reported that over 80% of enrollment was complete in the Phase 2b CHASE trial for KPI-012, with topline data expected in the second quarter of 2025.
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