Skye Bioscience to stop eye disease drug development after failing mid-stage study

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(Reuters) -Skye Bioscience said on Monday it would discontinue development of its experimental eye disease treatment after the drug failed to meet the main goal of a mid-stage study, dragging its shares down 41%.

The eye drop, SBI-100, failed to lower eye pressure in patients with primary open-angle glaucoma as was intended, the company said.

In this kind of glaucoma, the eye does not drain fluid properly and leads to a gradual increase in eye pressure.

Skye said it intended to discontinue clinical development and spending related to the treatment and direct all clinical development resources to its obesity drug program, extending its operating runway into 2027.

(Reporting by Sneha S K in Bengaluru; Editing by Krishna Chandra Eluri and Mohammed Safi Shamsi)

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