KalVista Pharma falls after $125 mln convertible debt sale

Shares of KalVista Pharmaceuticals KALV.O down 2.6% premarket to $12.60 after it secured capital raise

Framingham, Massachusetts-based firm late Weds announced pricing private offering of $125 mln 6-yr convertible bonds

Offering size boosted from $110 mln; initial conversion price of $16.81 is 30% premium to stock's last sale of $12.93 on Weds

Co says 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 and acquisitions, and products or technologies

Last Fri, 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

Through Weds, KALV shares up 53% YTD, giving them ~$653 mln market cap

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