KALA BIO Announces $10,750,000 Private Placement

Company Overview - KALA BIO, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for rare and severe eye diseases [10] - The company's lead product candidate, KPI-012, is designed to treat persistent corneal epithelial defect (PCED) and has received Orphan Drug and Fast Track designations from the U.S. FDA [10] Private Placement Details - KALA has entered into a securities purchase agreement for a private placement, raising approximately $10.75 million before expenses [1] - The company will sell 1,340,603 shares of common stock at $6.44 per share and 3,286 shares of Series I Preferred Stock at $644.00 per share [2] - The private placement is expected to close on or about December 31, 2024, pending customary closing conditions [2] Use of Proceeds - The net proceeds from the private placement will be used to advance the clinical development of KPI-012 and for general corporate purposes [8] - KALA anticipates that the funds will support operations into the first quarter of 2026 [8] Clinical Development and Trials - KALA is actively recruiting patients for the ongoing Phase 2b CHASE trial of KPI-012, with over 40 clinical trial sites open and enrolling [8] - The company expects to report topline data from the CHASE trial in the second quarter of 2025, which may serve as the first of two pivotal trials required for a Biologics License Application (BLA) submission [8] Investor Participation - The private placement included participation from both new and existing investors, such as SR One, Cormorant Asset Management, and Woodline Partners [7]