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Investing.com -- KALA BIO, Inc. (NASDAQ:KALA) stock surged 28.3% in premarket trading Monday following the announcement of a $6 million securities purchase agreement with private investor David E. Lazar.
The clinical-stage biopharmaceutical company has already received $1.8 million in the first of two closings under the agreement. Lazar has been appointed as KALA’s Chief Executive Officer and Chairman of the Board, effective immediately, while former CEO Todd Bazemore remains on the Board.
The investment comes after KALA announced in September that its Phase 2b clinical trial of KPI-012 for persistent corneal epithelial defect failed to meet its primary endpoint. The company had temporarily ceased development of KPI-012 to preserve cash and explore strategic options.
With this new funding, KALA plans to continue evaluating and redeveloping its therapeutic candidates while simultaneously exploring potential strategic transactions. The company is focused on developing innovative therapies for rare and severe eye diseases.
"In making this significant investment in KALA, I look forward to continuing to evaluate and redevelop the Company’s product candidates while actively exploring strategic opportunities to drive value for our stockholders," said Lazar, who brings significant capital restructuring and reverse merger expertise to the company.
The second closing, which will provide an additional $4.2 million, is contingent on stockholder approval at the next meeting expected in the first quarter of 2026.
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