Skye Bioscience to stop eye disease drug development after failing mid-stage study (updated)

Skye Bioscience

10/06/2024 12:36

(Adds details in paragraph 2 to 4)
       June 10 (Reuters) - Skye Bioscience  SKYE.O  said on
Monday it would discontinue development of its experimental eye
disease treatment after the drug failed to meet the main goal of
a mid-stage study, dragging its shares down 41%.
    The eye drop, SBI-100, failed to lower eye pressure in
patients with primary open-angle glaucoma as was intended, the
company said.
        In this kind of glaucoma, the eye does not drain fluid
properly and leads to a gradual increase in eye pressure.
  
        Skye said it intended to discontinue clinical
development and spending related to the treatment and direct all
clinical development resources to its obesity drug program,
extending its operating runway into 2027. 
  
         
  
        
  

 (Reporting by Sneha S K in Bengaluru; Editing by Krishna
Chandra Eluri and Mohammed Safi Shamsi)
 ((Sneha.SK@thomsonreuters.com;))