EyeGate Pharmaceuticals Inc [NASDAQ: EYEG] closed the week on a high note. On Friday, the stock rallied by over 90% pre-market, but eased up to close the day with gains of 48.02%. This rally was driven by news that the company’s experimental treatment for corneal wound repair was giving better outcomes than standard treatment.
The statistical comparison in the study was based on 234 randomized subjects. By the third day of treatment, 80.2% of those who received OBG treatment (EyeGate’s experimental treatment) were fully healed. For those who received the standard treatment, only 67% of them were healed by day 3. This result gave EyeGate’s treatment a p value of 0.023, which makes it prime for approval by the FDA. That’s because as per the FDA standards, a treatment with a p-value of 0.05 is usually considered superior.
EyeGate’s management expressed their happiness with these results. In a statement, the CEO stated that these results will allow the company to apply for commercialization. He stated that they intend to do this in H1 of 2020. If this is approved, it will be a huge step forward for EyeGate. It will be the first company to develop such a revolutionary treatment for corneal defects, a factor that will open up lots of opportunities for the company.
Top eye care facilities are already upbeat about it. After the announcement, Vance Thompson Vision in Sioux Falls stated that, they believe EyeGate’s treatment will be beneficial to both patients with both moderate and large corneal defects, and epitheliopathies.
From a financials perspective, these results could be a boost to the company going forward. EyeGate did not report any revenues in Q2 of 2019. R&D costs for the corneal treatment study also shot up by 0.146 million. Now that it has been a success, investors will be waiting to see how it plays out in 2020.
About EyeGate Pharmaceuticals Inc
EyeGate Pharmaceuticals Inc is a clinical stage biopharma company. It develops and commercialize eye care products, and has its headquarters in Waltham, Massachusetts.