Kala Pharmaceuticals cites launch of Inveltys post-operative eye treatment as 4Q milestone

Kala Pharmaceuticals Inc (NASDAQ:KALA) cited on Monday the approval and launch of its Inveltys treatment for inflammation and pain after eye surgery as a key fourth-quarter highlight.

The Watertown, Massachusetts-based company said after the closing bell in its earnings report that it strengthened its balance sheet with debt and equity financings with aggregate net proceeds of $123.6 million.

“The past year was a landmark period for Kala with the approval and launch of Inveltys, the first and only twice-daily ocular corticosteroid indicated for the treatment of post-operative inflammation and pain following ocular surgery,” CEO Mark Iwicki said in a statement.

Since approval of the treatment, the company said it hired an ophthalmology-specialty sales organization and payer account team, according to Iwicki, who added that physician feedback has been positive.

For the quarter, the company posted a net loss of $0.76 per share, compared with $0.46 per share a year earlier. The average forecast of analysts was for a loss of $0.52 per share

Kala had cash of $170.9 million on December 31, compared with $114.6 million a year earlier.

Shares of the company climbed 6% to $8.62 before Monday’s close of Nasdaq trading.

Contact Dennis Fitzgerald at [email protected]

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