NEW YORK, NY / ACCESSWIRE / April 25, 2018 / Shares of Check-Cap and EyePoint Pharmaceuticals both experienced some unusual activity in Tuesday trading with both stocks seeing significant gains on high volume. There were no major catalysts to explain the gains.
RDI Initiates Coverage on:
EyePoint Pharmaceuticals, Inc.
Check-Cap Ltd. shares exploded yesterday, closing up over 100% on about 6.2 million shares. It was last week that the clinical-stage medical diagnostics company said that it had received notification from the Listing Qualifications Department of The Nasdaq Stock Market that it has regained compliance with Nasdaq Minimum Bid Price Requirement. The company is engaged in the development of C-Scan®, an ingestible capsule for preparation-free, colorectal cancer screening and polyp detection. It was last month that Check-Cap said that it has initiated an EU post approval study using its Advanced C-Scan system, which has demonstrated significant improvement in average colon imaging coverage compared with the C-Scan version used in the multi-center clinical study that supported the Company's CE Mark approval received in January 2018. CEO Alex Ovadia stated, "We are very pleased to reach another target milestone and initiate our multi-center EU post approval study using Advanced C-Scan. We anticipate that the system will allow us to achieve clinical performance consistent with those seen in the CE study with majority colon imaging coverage. We are focused on executing on our programs, and holding productive discussions with regulatory agencies in support of Advanced C-Scan. We intend to continue to define our U.S. clinical pathway and we plan to submit supplementary filings to the EU Notified Body in our continued leverage of our CE Mark as we work to determine our marketing and commercial pathways throughout 2018."
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EyePoint Pharmaceuticals, Inc. shares were on fire in Tuesday trading, closing up the day 20.61% on high volume compared to usual. The stock traded nearly 1.9 million shares compared to an average trading volume of about 543,000 shares. While there was no significant news from the company this week, it was last week that the specialty pharmaceutical company announced it would be releasing third quarter fiscal year 2018 results on Tuesday, May 8, 2018. Earlier in the month EyePoint also announced that two abstracts supporting the Company's YUTIQ™ (fluocinolone acetonide intravitreal implant) 0.18 mg three-year micro-insert for noninfectious posterior segment uveitis have been accepted for presentation at the Association for Research in Vision and Ophthalmology (ARVO) 2018 Annual Meeting. The meeting will be held in Hawaii on April 29th until May 3rd. The company's CEO Nancy Lurker remarked, "ARVO is one of the most important ophthalmology conferences of the year and we are extremely pleased that data from our YUTIQ Phase 3 studies has been selected for presentations at ARVO and we look forward to sharing the data with retinal and uveitis specialists. Our NDA for YUTIQ for the treatment of noninfectious posterior segment uveitis is currently under review by the FDA with a PDUFA date of November 5, 2018. We believe that, if approved, YUTIQ has the potential to become an important new treatment option for the thousands of patients suffering from this disease, which is the third leading cause of blindness." In the last one month shares of the stock have moved over 70%.
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