Kiora Pharmaceuticals upgraded to Buy at Maxim after IND approval for KIO-101

As previously reported, Maxim analyst Michael Okunewitch upgraded Kiora Pharmaceuticals to Buy from Hold with a $12 price target after the company disclose that it received IND approval to start its Phase 2 study for KIO-101 in the treatment of ocular presentations of autoimmune diseases. Kiora has also continued to address its capital needs to strengthen the balance sheet, most recently putting a $10M equity line in place, the analyst tells investors in a research note. The firm contends that the company should be positioned to unlock value from several events in 2023, including initial data from the Phase 1b for KIO-301 in retinitis pigmentosa and Phase 2 data for KIO-201 in the first half of the year.