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

By Tomi Kilgore Markets MarketWatch Pulse

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

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