Mary Reumuth, the Chief Financial Officer of KALA BIO, Inc. (NASDAQ:KALA), a $34.4 million market cap biotechnology company whose stock has gained nearly 11% in the past week according to InvestingPro, executed a series of stock transactions according to a recent SEC filing. On January 6, Reumuth sold 1,706 shares of the company's common stock at a weighted average price of $7.63 per share, amounting to a total transaction value of $13,016. This sale was conducted under a 10b5-1 trading plan, primarily to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). Notably, analysts maintain a $15 price target for the stock, significantly above current trading levels.
In addition to the sale, Reumuth received a grant of 10,100 RSUs under Kala Bio’s Amended and Restated 2017 Equity Incentive Plan. These RSUs are scheduled to vest in equal parts over the next three years, contingent upon her continued employment with the company. Furthermore, Reumuth was granted stock options for 45,200 shares, which will vest over four years, starting from January 6, 2025.
Following these transactions, Reumuth holds a total of 68,581 shares of Kala Bio common stock, including 49,523 unvested RSUs.
In other recent news, Kala Bio, a biopharmaceutical company, has raised $10.75 million through a private placement of common and preferred stock. The funds are set to advance the clinical development of their lead candidate, KPI-012, for persistent corneal epithelial defect (PCED) and for general corporate purposes. The company is currently enrolling patients in the Phase 2b CHASE trial for KPI-012, with top-line data expected in the second quarter of 2025.
Furthermore, Kala Pharmaceuticals (NASDAQ:KALA) reported a lower than expected net loss of $9.0 million for the third quarter, below the anticipated $10.0 million estimated by H.C. Wainwright. The firm reaffirmed its Buy rating and $15.00 stock price target for Kala Pharmaceuticals.
In addition to these developments, the company announced the immediate resignation of board member Mark S. Blumenkranz, M.D., from both the board and its committees. Lastly, Kala has secured another private placement deal led by SR One and ADAR1 Capital Management to raise approximately $12.5 million, which will further the clinical development of KPI-012.
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