Eyegate Pharmaceuticals Inc. (NASDAQ:KPRX) fell 8%. Kiora Pharmaceuticals is EyeGate Pharmaceuticals Inc.’s (NASDAQ:EYEG) new name, which will trade in the Nasdaq exchange under ticker “KPRX” and CUSIP number 497211101.
Trading Data
On Monday, KPRX stock fell 7% at $1.82 with more than 738k shares, compared to its average volume of 1.80 million shares. The stock has moved within a range of $1.7500 – 2.0300 after opening the trade at $2.03.
EyeGate is Now Kiora Pharmaceuticals; Provides Update on Company’s Sharpened Clinical Development Strategy
This new brand shows the company’s objective goes beyond treating eye conditions only but also includes the development of novel small molecule therapy with the potential of restoring vision loss in rare, hereditary degenerative retinal disorder, Retinitis Pigmnetosa.
CEO Brian Strem said the rebranding shows the company’s sharpened commitment to novel ophthalmic therapeutics development. Strem said that Kiora’s small Retinnitsi Pigmentosa molecule has the potential of being a revolutionary treatment for this rare disease with a possible accelerated path to market. In addition, he said that the company would continue its expected development of mid and late-stage clinical products in the anterior segment eye conditions as well as exploring partnership prospects for promising systemic indications beyond the company’s main focus. With the rebranding and strategic refocus, investors should keep an eye on KPRX in the coming days.
Key Quote
“The rebranding reflects our sharpened focus on developing novel ophthalmic therapeutics,” said Brian M. Strem, Ph.D., President and Chief Executive Officer of Kiora. “Our small molecule for Retinitis Pigmentosa could offer a revolutionary treatment for a rare disease with a potentially expedited path to market. We’ll continue planned development of our mid and later stage clinical candidates in anterior segment eye diseases and explore partnering opportunities of promising systemic indications outside our core focus.”
Technical Data
KPRX stock is trading below the 20-Day and 50-Day Moving averages of $1.95 and $1.89 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.77. The stock is down 19% in the past 3-month.
