Kala Bio, a clinical-stage biopharmaceutical company focused on eye diseases, secured approximately $10.75 million in a private placement involving both new and existing investors. The funding will primarily support the clinical development of KPI-012, a treatment for persistent corneal epithelial defect (PCED), and general corporate operations. The Phase 2b CHASE trial for KPI-012 is currently enrolling patients across over 40 clinical trial sites, with topline data expected in the second quarter of 2025.
This influx of capital is crucial for Kala Bio, allowing them to continue developing KPI-012, a potential treatment for a rare and debilitating eye condition. Positive results from the CHASE trial could significantly advance KPI-012 towards becoming the first approved therapy for PCED, addressing an unmet medical need for patients suffering from impaired corneal healing. The funding also extends Kala’s operational runway, providing stability as they advance this promising therapeutic candidate.
The private placement involved the sale of common stock at $6.44 per share and Series I Preferred Stock at $644.00 per share. Kala Bio anticipates this funding, combined with existing cash reserves, will sustain operations into the first quarter of 2026. The company aims to use the proceeds to advance KPI-012 through clinical development and for general corporate purposes. Over 80% of enrollment is complete for the CHASE trial, suggesting the study is progressing efficiently.
This financing strengthens Kala Bio’s position in developing innovative therapies for severe eye diseases. Successful CHASE trial results could pave the way for a Biologics License Application (BLA) submission, potentially leading to the first approved treatment for PCED and establishing Kala Bio as a key player in this therapeutic area. This positive momentum could also attract further investment and partnerships, enabling Kala Bio to expand its pipeline and address other unmet needs in ophthalmology.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
