Skye’s stock sinks following eye disease failure as company shifts focus to obesity

Skye Bioscience is abandoning its entire eye disease pipeline following a Phase 2a trial failure, and it’s pivoting to one of the hottest categories in the industry — obesity.

The San Diego-based biotech announced Monday that SBI-100 didn’t hit the primary endpoint evaluating diurnal intraocular pressure in patients with primary open-angle glaucoma or ocular hypertension. The failure sent its stock {$SKYE) down about 15% by mid-morning.

In April, Skye uplisted from an over-the-counter stock exchange to the Nasdaq. It has raised about $100 million since August.

Now, Skye will pivot all of its resources to its metabolic program, which includes a Phase 2 obesity study for its CB1 inhibitor, called nimacimab. The trial is expected to begin dosing in the third quarter and produce data in 2025. Skye CEO Punit Dhillon previously told Endpoints News that the drug will…
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