- The stock price of Eyegate Pharmaceuticals Inc (NASDAQ: EYEG) increased 22.95% in the previous trading session. This is why it happened.
The stock price of Eyegate Pharmaceuticals Inc (NASDAQ: EYEG) increased 22.95% in the previous trading session. Investors appear to be responding positively to a report by Zacks about how their pipeline expanded from one to three candidates.
Zacks noted that the company raised more than $20 million in funding and added key clinical and management hires. So Zacks is expecting a series of clinical milestones over the next 12-18 months.
Last month, Eyegate Pharmaceuticals had completed the enrollment of 21 patients for its Phase 2 clinical trial in order to treat dry eye disease with the dihydroorotate dehydrogenase (DHODH) inhibitor PP-001. And this study follows a Phase 1 safety and dose-escalation study in 24 healthy volunteers. This Phase 2 study is expected to report top-line data in the fourth quarter of this year.
The FDA also changed the designation for Eyegate Pharmaceuticals’ Ocular Bandage Gel (OBG) candidate from a medical device to a drug. And OBG is now in development for ophthalmic wounds post-surgery or from injury.
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