Kala Pharmaceuticals to sell 1.197M shares at $5.85 in private placement

KALA BIO has entered into a securities purchase agreement with a select group of institutional accredited investors for the sale, in a private placement, of shares of its common stock and shares of its Series H Convertible Non-Redeemable Preferred Stock, for aggregate gross proceeds of approximately $12.5 million, before deducting offering expenses. The private placement was led by SR One with participation from ADAR1 Capital Management and another life sciences-focused investor. In the private placement, KALA has agreed to sell 1,197,314 shares of its common stock at a price of $5.85 per share and 9,393 shares of its Series H Preferred Stock at a price of $585.00 per share. The private placement is expected to close on or about June 28, 2024, subject to the satisfaction of customary closing conditions. KALA intends to use the net proceeds from the private placement to advance the clinical development of KPI-012 for the treatment of persistent corneal epithelial defect, as well as for general corporate purposes.