KalVista Pharmaceuticals Shares Rise 12%, Company Expects to Submit FDA Application Next Year

By Ben Glickman

Shares of KalVista Pharmaceuticals rose on Friday after the company said it expects to submit an application for its drug candidate in the first half of next year.

The stock was up 12% to $10 a share. Shares are up 48% this year.

The Cambridge, Mass.-based pharmaceutical company said it had reached target enrollment for a Phase 3 trial of its drug sebetralstat, an oral on-demand therapy for hereditary angioedema attacks, which is a swelling of the skin. The company expects to submit a New Drug Application to the U.S. Food and Drug Administration in the first half of 2024, and has funding to last into 2025.

On Friday, KalVista reported a loss of $26.3 million, or 77 cents a share, in the fourth quarter ending April 30, compared with $24.1 million, or 98 cents a share, a year earlier. Analysts polled by FactSet expected per share loss of 87 cents.

Write to Ben Glickman at [e-mail]

(END) Dow Jones Newswires

July 07, 2023 12:36 ET (16:36 GMT)

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