Investors today have their eyes on a newly popping biotech play Outlook Therapeutics (NASDAQ:OTLK). The company is reporting its newest clinical trial data today. With the positive results, it seems as though buyers are flocking to the play. So, what’s going on with OTLK stock today?
Outlook Therapeutics is a New Jersey-based, clinical stage biotechnology company. It specializes in developing treatments of illnesses relating to the eyes. Namely, they seek out therapies for wet age-related macular degeneration (AMD), as well as diabetic macular edema (DME) and branch retinal vein occlusion (BRVO).
The company mainly focuses on treating these ailments through its lytenava treatment. Today’s news stems from clinical research relating particularly to lytenava’s affects on treating wet AMD.
OTLK Stock Gets a Boost After Posting Optimistic Trial Data
Outlook is reporting statistically significant efficacy of its lytenava drug in treating wet AMD through its phase three trial, per its press release this morning. This is the catalyst sending OTLK stock up.
The trial saw 228 subjects treated over 12 months. Its goal is to restore a benchmark of 15 letters to the subjects’ best corrected visual acuity tests. At the end of treatment, the company is reporting that it met its goals, with 41% of subjects treated with lytenava achieving 15 additional letters to their BCVA tests.
According to the news release, the company is anticipating Food and Drug Administration (FDA) approval to bring lytenava to market as early as next year. In anticipation of this approval, the company is partnering with substance manufacturer Fujifilm Diosynth (OTCMKTS:FUJIY) and Aji Biopharma for the manufacturing and distribution of the commercialized product.
Terry Dagnon, COO of Outlook, says the company has fulfilled all of the requirements given to it by the FDA. “When combined with our previously reported clinical trial results, this completes the clinical package necessary for the submission of our BLA,” he says.
OTLK stock is seeing gains of over 18% on today’s session, thanks to the good news. Buyers are piling in, with 90 million shares trading so far; the numbers are far beyond the stock’s daily average of less than 900,000.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.