Kala Pharmaceuticals announced the closing of Kala’s $110 million credit facility with funds managed by Athyrium Capital Management LP, a healthcare focused investment firm.
“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,” Mark Iwicki, Chairman, President and Chief Executive Officer of Kala Pharmaceuticals, said in a company news release. “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.”
“We are excited about the commercial potential of both Inveltys for post-surgical inflammation and pain, and KPI-121 0.25% for dry eye disease,” said Laurent D. Hermouet, Partner at Athyrium. “Inveltys is the first approved BID ocular corticosteroid for the treatment of inflammation and pain following ocular surgery and has an efficacy, safety and dosing profile which should make it a desirable treatment option in this setting. We are also excited for the potential of KPI-121 0.25% for dry eye disease, and believe, if approved, it could become a standard of care for the treatment of dry eye flares.”
Further information with respect to the credit facility are set forth in the Form 8-K filed by the company with the Securities and Exchange Commission on October 2, 2018.
Morgan Stanley & Co. LLC acted as sole structuring agent on the transaction.