Shares of Massachusetts-based EyeGate Pharmaceuticals (Nasdaq:EYEG) have gone up nearly 25% after the company announced the enrollment confirmation of the Phase 3 Clinical Study of EGP-437 in Anterior Uveitis.
The trial is meant “to assess the safety and efficacy of iontophoretically-delivered EGP-437 in patients with unilateral or bilateral non-infectious anterior segment uveitis,” which is an infection that causes an inflammation of the anterior chamber of the eye.
The infection includes symptoms, such as redness, soreness and inflammation of the eye, blurring of vision, sensitivity to light and a small pupil.
EGP-437 is the company’s formulation of dexamethasone phosphate, which is delivered by the application of a direct electric current through contact with the skin, or iontophoretically.
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The trial enrolled 250 people in the United States who were provided with “three treatments of either EGP-437 iontophoresis treatment or a placebo iontophoresis treatment.”
President and Chief Executive Officer of EyeGate Pharmaceuticals, Stephen From, has said: “completion of patient enrollment in this confirmatory Phase 3 clinical trial evaluating our unique EGP-437 combination product represents a major milestone for the company.”
Currently, EyeGate and a subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE:VRX) are entered in a licensing agreement that allows Valeant manufacturing and commercial rights to the EyeGate II Delivery System and EGP-437 combination product in the field of uveitis.
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The company is expecting topline results of the study in the third quarter and, if the data is positive, EyeGate will officially submit a New Drug Application to the US Food and Drug Administration (FDA) within the first half of 2019.
So far, shares have had a significant jump today, reaching a low of $0.45 USD compared to yesterday’s low of $0.35 and as of noon (PDT) shares had reached $0.48.
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