KalVista Pharma falls after announcing $110 mln convertible debt offering

Shares of KalVista Pharmaceuticals KALV.O down 10.3% post-market to $11.60 after planned capital raise news

Framingham, Massachusetts-based KALV announces private offering of $110 mln 6-yr convertible bonds (CB)

Co intends to use net offering proceeds for working capital and other purposes, including commercialization of its drug, Ekterly

It also may use a portion of proceeds for future investments in and acquisitions of other firms, products or technologies

Last week, KALV said European Commission and Swiss regulator, Swissmedic, approved Ekterly, the first on-demand oral treatment for hereditary angioedema (HAE)

HAE is a genetic disorder characterized by recurrent episodes of swelling in various parts of the body, including the limbs, face, intestinal tract, and airway caused by deficiency in a protein known as C1 inhibitor

Co has roughly $650 mln market cap

KALV shares on Weds ended down 0.7% at $12.93, but are up ~53% YTD

All 10 analysts covering KALV are bullish and median PT is $30, per LSEG data