KALA BIO ( NASDAQ: KALA ) has entered into a securities purchase agreement with a select group of institutional accredited investors for the sale, in a private placement, of shares of its common stock and shares of its Series H Convertible Non-Redeemable Preferred Stock, for aggregate gross proceeds of ~$12.5M . In the private placement, KALA has agreed to sell 1.
2M shares of its common stock at a price of $5.85/share and 9,393 shares of its Series H Preferred Stock at a price of $585/share. KALA intends to use the net proceeds from the private placement to advance the clinical development of KPI-012 for the treatment of persistent corneal epithelial defect, as well as for general corporate purposes.
The private placement is expected to close on or about June 28, 2024. KALA +27.83% premarket to $5.
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