Bullish indicating open at $55-$60, IPO prices at $37
Kala Bio, Inc., a pharmaceutical company based in Arlington, MA, with a market capitalization of $66 million, disclosed the immediate resignation of its Chief Executive Officer, Mark Iwicki, on February 11, 2025.
The announcement comes as the company’s stock trades near its 52-week high of $11.20, having gained over 84% in the past six months. Although stepping down as CEO, Iwicki will maintain his role as the Chair of the Board of Directors.
Concurrent with Iwicki’s departure, the Board appointed Todd Bazemore as the interim CEO and principal executive officer. Bazemore, 54, has been with Kala Bio since November 2017, previously holding the position of Chief Operating Officer and, as of December 2021, the company’s President.
According to InvestingPro data, he inherits a company with a healthy balance sheet, maintaining more cash than debt and a current ratio of 2.15, though the company is rapidly burning through its cash reserves. His experience in the pharmaceutical industry includes leadership roles at Santhera Pharmaceuticals (USA) Inc., Dyax Corp., and Sunovion Pharmaceuticals, Inc.
Bazemore’s tenure at Kala Bio has been marked by significant operational responsibilities, and he is not a newcomer to executive management, having overseen commercial departments and sales teams in his previous positions. He also brings governance experience from his current role on the board of directors of Pulmatrix (NASDAQ:PULM) Inc., a clinical-stage biopharmaceutical company.
The announcement, based on a press release statement filed with the SEC, did not specify the reasons behind Iwicki’s resignation or detail the search process for a permanent CEO. Bazemore’s appointment is effective immediately, ensuring continuity of leadership.
With analysts setting a target price of $15 per share, InvestingPro subscribers can access 15 additional investment tips and comprehensive financial metrics to evaluate the company’s prospects. The company’s next earnings report is scheduled for March 3, 2025.
There is no reported family relationship between Bazemore and any other company officers or directors, nor is there any transaction involving Bazemore that is significant enough to require disclosure under SEC regulations.
Kala Bio trades on the Nasdaq Capital Market under the ticker symbol KALA. The company specializes in pharmaceutical preparations, as classified under the Standard Industrial Classification code 2834. The information regarding these corporate changes is sourced from the company’s recent SEC filing.
In other recent news, KALA BIO, Inc. announced a significant leadership change, appointing Todd Bazemore as interim CEO following the resignation of former CEO Mark Iwicki.
This reshuffling coincides with the company’s anticipation of releasing topline data from the Phase 2b clinical trial for KPI-012, their lead product candidate for treating persistent corneal epithelial defect (PCED). Furthermore, KALA BIO recently secured $10.75 million in a private placement of common and preferred stock, a move that extends its operational runway into the first quarter of 2026 and supports the clinical development of KPI-012.
The company’s proprietary mesenchymal stem cell secretome (MSC-S) platform, which forms the basis of KPI-012, is also being explored for potential treatments for other rare corneal and retinal degenerative diseases. In relation to these developments, analyst firm H.C. Wainwright has reaffirmed its Buy rating for KALA BIO, with a focus on the company’s ongoing Phase 2b CHASE trial of KPI-012.
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