Eyegate Pharmaceuticals Inc (NASDAQ: EYEG) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that it has received FDA approval for two indications this morning. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The FDA approvals;
- what we’re seeing from the stock as a result; and
- what we’ll be watching for ahead.
EYEG Heads For The Top On FDA Approvals
As mentioned above, Eyegate Pharmaceuticals is flying early on in the trading session this morning after news broke that it has received FDA approval. In a press release issued early this morning, EYEG announced that the United States Food and Drug Administration (FDA) has approved two of its Investigational Device Exemption applications for pilot studies of the company’s Ocular Bandage Gel.
The Ocular Bandage Gel product is a product that was designed for the acceleration of re-epithelialization of large corneal epithelial defects in patients that have undergone photorefractive keratectomy (PRK). The treatment is also being developed for the reduction in corneal staining for patients with punctate epitheliopathies (PE). As a result of the FDA approvals, the company expects to enter the clinic for both indications in the third quarter of this year. In a statement, Stephen From, CEO at EYEG, had the following to offer:
Receiving FDA approval for both pilot studies is a significant milestone in the development of our EyeGate OBG platform…. EyeGate is very pleased to have received these approvals and we look forward to getting these studies underway, as we expect to initiate the clinical trials in the third quarter.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on EYEG. In particular, we’re interested in following the story surrounding the company’s continued work with regard to its Ocular Bandage Gel Candidate. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks.
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What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of EYEG, the news proved to be overwhelmingly positive. After all, the FDA approvals mean that the company now has the ability to move into clinical studies with this asset, bringing it one step closer to approval. So, it’s no surprise to see that excited investors are sending the stock screaming for the top in the market this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:39), EYEG is trading at $0.76 per share after a gain of $0.16 per share or 26.86% thus far today.
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