Kala Pharmaceuticals (NSDQ:KALA) today priced its initial public offering of 6 million shares of common stock at $15.00 apiece. The IPO is slated to bring in nearly $90 million for the Waltham, Mass.-based company.
The offering, which is expected to close on July 25, includes a 30-day option for underwriters to buy up to 900,000 additional shares of common stock.
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.