Kala Pharmaceuticals, Inc. (NASDAQ:KALA) shares inched up Thursday, on second-quarter results.
The company, a biopharmaceutical company focused on the development and commercialization of therapies using its proprietary mucus-penetrating particle (MPP) technology with an initial focus on the treatment of eye diseases, today reported cash of $91.2 million at June 30, compared to $114.6 million as of December 31, 2017. Kala anticipates that its existing cash on hand will enable it to fund operations through at least the next 12 months.
Net loss was $14.6 million, or $0.60 per share, for the quarter ended June 30, 2018, compared to a net loss of $11.0 million, or $9.30 per share, for the same period in 2017.
"Since our last update we have made excellent progress,” said CEO Mark Iwicki. “We have defined our strategy for KPI-121 0.25% in dry eye disease and have initiated the STRIDE 3 trial incorporating changes to the design that we believe will improve the probability of success.
“We have also continued to strengthen our commercial team in preparation for the potential approval and commercialization of INVELTYS, our twice-daily corticosteroid candidate for the treatment of post-operative ocular inflammation and pain."
During the second quarter, Kala hired five seasoned industry leaders for key roles. Kala plans to continue growing its commercial organization in preparation for the potential launch of INVELTYS, including beginning to hire its own specialty ophthalmology sales force.
Shares began Thursday up 16 cents, or 1.3%, to $12.56
