Kala Pharmaceuticals (NSDQ:KALA) priced an underwritten public offering of 7,500,000 shares of common stock at $8.25 per share.
The Waltham, Mass.-based company is expected to reel in nearly $62 million in proceeds from the offering. Kala Pharmaceuticals also gave underwriters a 30-day option to buy an additional 1,125,000 shares of common stock at $8.25 apiece.
The offering is slated to close on Oct. 5.
In August this year, the FDA approved Kala Pharmaceuticals’ twice-daily ocular corticosteroid, Inveltys, to treat post-operative inflammation and pain.
The drug is the first twice-daily ocular corticosteroid approved for this indication, according to Kala Pharmaceuticals. All other steroids designed to treat inflammation and pain following eye surgery are approved to be dosed four times per day.
KALA shares were trading at $7.77 apiece in early morning activity today, down -16.4%.
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