The firm stated that its KPI-012 failed in a mid-stage clinical trial and announced that it intends to preserve cash, including by laying off some of its workforce and deploying other cost-saving measures.
KALA BIO (KALA) announced on Monday that its KPI-012 failed in a mid-stage clinical trial evaluating it as a treatment for persistent corneal epithelial defect.
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The study did not meet the primary goal of complete healing of PCED at week 8, the company said. It also noted that the secondary goals in the study did not achieve statistical significance.
The company subsequently decided to cease clinical development of KPI-012 and stated that it is evaluating strategic options. The firm noted that it intends to preserve cash, including by laying off some of its workforce and implementing other cost-saving measures.
Shares of the company slipped 92% at the time of writing.
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