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Pharma Firm Gets $110M in Financing to Support Eyecare Drugs

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It’s partnering with Athyrium.

WALTHAM, MA — Kala Pharmaceuticals Inc. announced the closing of a $110 million credit facility with funds managed by Athyrium Capital Management LP, a healthcare-focused investment firm.

Kala said in a press release that it will use the money to develop eyecare-related drugs. Kala (NASDAQ: KALA) is a biopharmaceutical company focused on the development and commercialization of therapeutics using its proprietary mucus-penetrating particle technology.

“We are pleased to be partnering with Athyrium and to have their support and confidence in INVELTYS for the treatment of inflammation and pain following ocular surgery and KPI-121 0.25% for dry eye disease,” said Mark Iwicki, chairman, president and CEO of Kala. “We expect this financing to support Kala’s efforts to achieve significant milestones, including the NDA filing for KPI-121 0.25% for dry eye disease by the end of 2018, the launch of INVELTYS in early 2019, and topline results for the STRIDE-3 trial of KPI-121 0.25% expected in Q4 2019.”

Laurent D. Hermouet, partner at Athyrium, said INVELTYS “has an efficacy, safety and dosing profile which should make it a desirable treatment option” for patients following ocular surgery. Hermoue said KPI-121 0.25% “could become a standard of care for the treatment of dry eye flares.”

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