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%.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.