Kala raises $61.9M follow-on

Kala Pharmaceuticals Inc. (NASDAQ:KALA) raised $61.9 million on Oct. 3 through the sale of 7.5 million shares at $8.25 in a follow-on underwritten by J.P. Morgan, BofA Merrill Lynch, Jefferies, Cantor Fitzgerald, Wedbush PacGrow and Oppenheimer. The price is an 11% discount to Kala’s close of $9.28 on Oct. 2, when it proposed the offering after market hours.

On Oct. 2, Kala secured a $75 million loan from Athyrium Capital Management. The biotech may draw down an additional $35 million following either FDA approval of dry eye program KPI-121 0.25% or after reaching a sales threshold for Inveltys (KPI-121 1%). Kala expects to submit this year an NDA to FDA for KPI-121 0.25%. The agency approved Inveltys in August to treat post-operative inflammation and pain following ocular surgery; Kala anticipates launching the drug early next year...