Kala Pharma Stock More Than Doubles As FDA Accepts INDA For One Of Its Lead Product Candidates

(RTTNews) - Shares of Kala Pharmaceuticals, Inc. (KALA) are surging more than 100% Wednesday morning on the news that the FDA has accepted investigational new drug application for KPI-012, the company's lead product candidate for the treatment of persistent corneal epithelial defect (PCED).

The company plans to initiate Phase 2b study of KPI-012 for the treatment of PCED in the first quarter of 2023.

Additionally, following the FDA's acceptance of the IND application for KPI-012, the company received the remaining $25 million investment under the previously announced private placement financing.

KALA is at $8.66 currently. It has traded in the range of $3.54-$97.00 in the last 1 year.