Kala Pharma gains after deal to sell its commercial drugs to Alcon
23/05/2022 11:56
** Shares of drugmaker KALA.O rise 15.4% to $0.75
premarket- stock among top pct gainers across U.S. exchanges
before the bell
** KALA to sell its eye drug Eysuvis and pain management
drug Inveltys to eye care device maker Alcon ALC.N
urn:newsml:reuters.com:*:nGNXcbhMg9
** KALA says it would receive an upfront payment of $60 mln
and will be eligible to receive additional sales-based milestone
payments
** Eysuvis is U.S. approved for short term treatment of dry
eye disease- a condition which occurs when tears are unable to
provide adequate lubrication for the eyes; the drug brought in
sales of $6.3 mln in 2021
** Sales of Inveltys, meant to be used after eye surgery,
are being negatively impacted by pandemic-induced reduction in
surgeries and generic competition urn:newsml:reuters.com:*:nGNX75BBSP
** KALA has missed revenue estimates for six consecutive
quarters; company posted its second straight weekly loss on
Friday
** Co plans to focus on the development of eye disease drug
candidate, KPI-012; expects to initiate a mid-to-late stage
study in Q4
** Stock had fallen 46.6% YTD, up to the last close
(Reporting by Amruta Khandekar)
((Amruta.Khandekar@thomsonreuters.com;))