Kala Pharma up on submission of application to further eye drug study
29/11/2022 11:21
** Kala Pharmaceuticals Inc's shares KALA.O rise 14.9% to
$6.5 before the bell
** Co submits application to U.S. FDA for its experimental
drug to treat patients with eye condition, persistent corneal
epithelial defect
** Subject to application's acceptance, co remains on track
to initiate mid-stage trial in Q4 2022, it says
** Co also announces private placement financing of up to
$31 mln, which will help extend its cash runway into Q1 2025
** Up to Monday's close, stock had fallen ~91% YTD
(Reporting by Khushi Mandowara)
((Khushi.Mandowara@thomsonreuters.com;))