Kala Pharmaceuticals (NSDQ:KALA) said today that it closed its initial public offering of 6.9 million shares of common stock.
The Waltham, Mass.-based company priced its public offering at $15.00 per share, granting underwriters an option to buy up to 900,000 additional shares. The exercise of this option brought the proceeds of its IPO up from $90 million to $103.5 million, Kala reported.
In May, Kala touted data from a Phase III trial of its nanoparticle formulation of loteprednol etabonate as a treatment for inflammation and pain in cataract surgery patients. The KPI-121 1% suspension met both primary efficacy endpoints and secondary endpoints and was well tolerated by the trial’s participants.
The company’s KPI-121 uses Kala’s mucus-penetrating particle technology to deliver drugs to tissues in the eye. In preclinical studies, MPP tech increased loteprednol etabonate delivery to ocular tissues 4-fold, according to the company.
The Phase III trial enrolled 520 patients with anterior ocular inflammation after cataract surgery and randomized them to receive the KPI-121 1% or a placebo twice a day for 2 weeks. The primary efficacy endpoints were the proportion of patients with complete resolution of anterior chamber cells at day 8 and the proportion of participants with Grade 0 pain in the study eye after 8 days.
The study met both primary endpoints and achieved its secondary endpoints, including compete resolution of anterior chamber flare at day 4 and complete resolution of pain after 4 days.
KALA shares were trading at $19.14 apiece in morning activity today, down -0.3%.
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