ARLINGTON, Mass, July 11, 2022 (GLOBE NEWSWIRE) -- Kala Pharmaceuticals, Inc. (NASDAQ:KALA ), a clinical-stage biopharmaceutical company dedicated to the research, development and commercialization of innovative therapies for rare diseases of the eye, announced today that it has completed the sale of its commercial portfolio and related intellectual property assets to Alcon Inc., a transaction that was announced on May 23, 2022. The sale included EYSUVIS, the first and only U.S. Food and Drug Administration approved medicine for the short-term (up to two weeks) treatment of the signs and symptoms of dry eye disease, and INVELTYS, a twice-a-day corticosteroid for the treatment of post-operative inflammation and pain following ocular surgery.
Under the terms of the transaction, Kala received an upfront payment of $60 million in cash at closing and is eligible to receive commercial-based milestone payments. Kala anticipates that its existing cash resources, together with the net payments received at the closing of the Alcon transaction and planned reductions in operating expenses, will enable it to fund its operations into the second quarter of 2024.
"The completion of this sale marks a significant transformation of our company, as we pivot our efforts to focus on the advancement of KPI-012, our novel biologic with the potential to improve the treatment of multiple rare ophthalmic conditions," said Mark Iwicki, Chief Executive Officer and Chairman of Kala. "As we enter the second half of 2022, we are operating from an enhanced financial position, with sufficient capital to fund our operations beyond the planned data readout from our Phase 2/3 trial of KPI-012 for persistent corneal epithelial defect. We expect ...
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