Kala Pharma Acquires Ocular Surface Disease-Focused Company

  • Kala Pharmaceuticals Inc KALA has acquired Combangio Inc, a private company developing regenerative biotherapies for severe ocular surface diseases. 
  • Combangio is developing CMB-012, a secretome therapy, to address the complex wound healing process in persistent corneal epithelial defect (PCED) and other severe ocular diseases driven by impaired corneal healing.
  • Kala plans to submit an investigational new drug application to the FDA and initiate a Phase 2/3 trial of KPI-012 in Q3 of 2022.
  • Kala will pay $5 million upfront and an aggregate of 7.8 million shares in January.
  • Combangio equity holders are also entitled to receive up to an aggregate of $105 million in cash and Kala stock upon achieving KPI-012 of specified milestones and tiered royalties sales-based net sales.
  • Kala posted Q3 sales of $3.10 million, +38% Y/Y, missing the estimate of $5.16 million. Q3 EPS loss of $(0.43) came in line with expectations.
  • Kala held cash and equivalents of $124.5 million at the end of Q3.
  • Price Action: KALA shares are up 1.69% at $2.11 during the market session on the last check Monday.
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