Darius Kharabi, the Chief Business Officer of KALA BIO, Inc. (NASDAQ:KALA), recently executed a stock transaction involving the sale of 2,021 shares of common stock, valued at approximately $15,420. The shares were sold at an average price of $7.63 per share. The stock has shown strong momentum, gaining over 10% in the past week, according to InvestingPro data. This transaction was part of a 10b5-1 trading plan aimed at covering tax obligations related to the vesting of previously granted restricted stock units (RSUs). Following this sale, Kharabi holds 67,807 shares of the company, representing a significant stake in the $34.44 million market cap company. Additionally, Kharabi acquired 10,100 shares through a grant of RSUs and 45,200 stock options, which are set to vest over the coming years. The company maintains strong liquidity with a current ratio of 2.15, and analysis suggests the stock may be slightly undervalued at current levels.
In other recent news, KALA BIO, Inc. 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), among other corporate purposes. Concurrently, the firm has been progressing with the Phase 2b CHASE trial for KPI-012, with top-line results expected in the second quarter of 2025.
H.C. Wainwright recently reaffirmed its Buy rating and $15.00 stock price target for Kala Pharmaceuticals (NASDAQ:KALA), following a lower than expected net loss of $9.0 million for the third quarter. In addition, Kala Pharmaceuticals has opened additional clinical trial sites across Latin America to expedite the CHASE trial.
In other developments, KALA BIO reported the immediate resignation of board member Mark S. Blumenkranz, M.D., from both the board and its committees. The biopharmaceutical company also secured a private placement deal led by SR One and ADAR1 Capital Management to raise approximately $12.5 million, further supporting the clinical development of KPI-012. These are among the recent developments in the company.
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