RARE Daily

KalVista Raises $193.5 Million in Public Offering to Advance HAE Treatment

February 11, 2021

Rare Daily Staff

Just days after reporting positive results from a mid-stage trial of its oral plasma kallikrein inhibitor KVD900 in preventing HAE attacks, KalVista Pharmaceuticals raised $193.5 million in an underwritten public offering of 5.4 million shares of its common stock at $36.00 per share.

KalVista also granted the underwriters a 30-day option to purchase up to an additional 806,250 shares of common stock.

Hereditary angioedema (HAE) is a rare, genetic disorder that results in recurring attacks of swelling in various parts of the body, including the abdomen, face, feet, genitals, hands, and throat that can be can debilitating and painful. Attacks that obstruct the airways are potentially life-threatening due to the risk of asphyxiation.

KalVista intends to use the net proceeds from this offering to fund a planned phase 3 trial of KVD900, a planned phase 2 trial of KVD824 for the treatment of HAE, and continued development of the company’s oral Factor XIIa programs. The remainder of the net proceeds, if any, will be used for general corporate purposes.

Topline results from the phase 2 study showed that attacks treated with KVD900 significantly reduced use of rescue, with 15 percent of KVD900 treated HAE attacks rescued compared to 30 percent on placebo at 12 hours, and the efficacy benefit of KVD900 was maintained at 24 hours.

KVD900 also significantly reduced time to onset of symptom relief on a Patient Global Impression of Change scale (PGI-C), with a median time of 1.6 hours versus 9 hours for attacks treated with placebo.

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