Kiora Pharmaceuticals (NASDAQ:KPRX) stock is heading higher on Tuesday thanks to an update on its KIO-101 eye drops.
The big news here is the treatment getting investigational new drug application approval for a Phase 2 clinical trial. The company is developing the drug as a treatment for Ocular Presentation of Rheumatoid Arthritis and other autoimmune diseases (OPRA+).
This has Kiora Pharmaceuticals expecting to enroll “approximately 120 patients in a multi-center, controlled, randomized, double-masked trial assessing the safety and efficacy of KIO-101 eye drops.” It plans to start enrolling patients in Australia in the first half of this year.
Kiora Chief Development Officer Eric Daniels, M.D. said the following in a news release:
“Proof-of-concept has been established in previous ocular inflammation clinical studies for KIO-101. This drug has the potential to finally close the wide gap of untreated ocular disease in patients with common autoimmune diseases.”
What This Means for KPRX Stock
Kiora Pharmaceuticals moving forward with clinical trials is a positive for KPRX stock. It shows the company’s progress toward the commercialization of the drug. If it reaches that point, the company’s shares could see further gains as it generates revenue from the drug.
With today’s news comes heavy trading of KPRX stock. As of this writing, over 7 million shares have changed hands. For comparison, the company’s daily average trading volume is closer to 281,000 shares.
KPRX stock is up 61% as of Tuesday morning.
Investors looking for all of the latest stock market news will want to stick around!
We’ve got all of the latest happenings investors need to know about on Tuesday! Among that is what’s going on with shares of Rubius Therapeutics (NASDAQ:RUBY), Bed Bath & Beyond (NASDAQ:BBBY) and Oak Street Health (NYSE:OSH) stock today. You can find out more on these matters at the links below!
More Tuesday Stock Market News
- Why Is Rubius Therapeutics (RUBY) Stock Down 16% Today?
- Why Is Bed Bath & Beyond (BBBY) Stock Down 32% Today?
- Why Is Oak Street Health (OSH) Stock Up 36% Today?
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On the date of publication, William White did not hold (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.