Kala Pharmaceuticals, Inc., a Waltham, MA-based developer of innovative ophthalmic products based on its proprietary mucus-penetrating particle (MPP) technology, closed $68m Series C financing.
The round was led by Longitude Capital with participation from new investors OrbiMed, Vivo Capital and CAM Capital, and existing investors RA Capital Management, Wellington Management Company LLP, Polaris Partners, Lux Capital, CVF, LLC, and other existing investors. In conjunction with the financing, Gregory Grunberg, Managing Director at Longitude Capital, and Chen Yu, Managing Partner at Vivo Capital, joined Kala’s Board of Directors. Jonathan Silverstein, Partner and a Co-Head of Global Private Equity at OrbiMed, will hold a Board observer seat.
The company intends to use the funds to advance the confirmatory Phase 3 trial for KPI-121 for the treatment of inflammation and pain following cataract surgery, two parallel Phase 3 studies for KPI-121 in dry eye disease, and for general corporate purposes.
Led by Mark Iwicki, Chairman and Chief Executive Officer, Kala Pharmaceuticals is advancing KPI-121, a novel nanoparticle formulation of loteprednol etabonate studied in multiple clinical trials, including 1% and 0.25% formulations for the treatment of post-surgical ocular inflammation and pain and a 0.25% formulation for dry eye and Meibomian gland disease.