Why Did KALA BIO Shares Jump Over 22% After Hours?

KALA BIO, Inc. (NASDAQ:KALA) shares jumped 22.16% to $1.13 in after-hours trading on Wednesday.

Check out the current price of KALA stock here. 

Oxford Finance Acquires Stake

Securities and Exchange Commission filings indicate that Oxford Finance LLC acquired 1.62 million common shares, representing 16.5% ownership in the clinical-stage company.

Oxford Finance, the Delaware-based lender, holds sole voting and dispositive power over all acquired shares, with no shared authority, according to the SEC documents.

See Also: These Healthcare Stocks Just Exploded In Momentum — Investors Are Taking Notice

According to the filings, Oxford Finance's 16.5% ownership is based on 9.82 million total shares, including 8.20 million outstanding shares as of November 18, according to the company's Form 10-Q, plus the 1.62 million shares issued to Oxford Finance.

Leadership Change

Last week, the board named investor David Lazar as Chief Executive Officer and Principal Executive Officer.

Lazar previously served as CEO of NovaBay Pharmaceuticals Inc. (NASDAQ:NBY).

Stock Performance

The stock of the Massachusetts-based biopharmaceutical company is down 88% year-to-date.

KALA BIO has a market capitalization of $7.59 million and a 52-week range of $0.61 to $20.58.

Price Action: According to Benzinga Pro data, KALA BIO closed on Wednesday at $0.92, down 15.91%.

Benzinga Edge Stock Rankings indicate that KALA stock has a negative price trend across all time frames. Track the performance of other players in this segment.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.