Eleven Biotherapeutics' Stock Soars After License Deal For Eye Disease Treatment

Eleven Biotherapeutics Inc.'s stock nearly doubled in morning trade Monday, after the company announced a license deal with F. Hoffmann-La Roche Ltd. to for the development and commercialization of its treatment for eye disease. As part of the deal, Eleven will receive an upfront payment of $7.5 million, and will be eligible for future milestone payments of up to $262.5 million. The stock shot up 82% to $3.40, the highest level traded at since Sept. 8, 2015. The first potential milestone concerns the effectiveness of an investigational new drug application for EBI-031, a treatment for diabetic macular edema. Eleven announced Monday that it submitted an IND application to the U.S. Food and Drug Administration to initiate a Phase 1 clinical trial of EBI-031. the stock