Kala Pharmaceuticals Shares Rise Nearly 5% After FDA Fast Track Designation

By Dia Gill

Kala Pharmaceuticals Inc. shares climbed 4.6% to $17.83 during Wednesday morning trading after the U.S. Food and Drug Administration gave Fast Track designation to Kala's human mesenchymal stem cell secretome therapy.

The therapy treats persistent corneal epithelial defect, a rare ocular condition that can cause significant pain and discomfort, vision impairment, and infection. The Fast Track designation is applied to drug candidates that treat serious conditions and have the potential to address an unmet medical need.

In March, the biopharmaceutical company said it received positive safety data from its first cohort of two patients treated with high doses of its treatment.

Shares are down 59% in the past 12 months.

Write to Dia Gill at [e-mail]

(END) Dow Jones Newswires

04-12-23 1035ET