Their drug hit a slate of big endpoints for the disease in STRIDE 1, missing on inferior corneal staining change from baseline to day 15. And STRIDE 2 went one and one, hitting on conjunctival hyperemia change from baseline to day 15 and missing on an endpoint for ocular discomfort severity change.
Kala, which was inspired by research out of the lab of MIT’s Bob Langer, saw its shares slide 20% in pre-market trading.
Mark Iwicki, the CEO of Kala, believes the results are largely a win, even if investors had other ideas. In a statement, he noted:
We will continue to analyze the results of both Phase 3 trials and the totality of the data from all 3 trials conducted to date and expect to discuss our clinical program with the FDA. We believe that our preliminary, unaudited December 31, 2017 cash balance of approximately $114 million puts us in a strong position as we maintain our focus on moving this program forward to serve patients with dry eye disease.
The biotech had $114 million in cash at the end of December to see it through.
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