In last trading session, the stock price of Eleven Biotherapeutics Inc (NASDAQ:EBIO) declined more than 10% to close the day at $0.520. The decline came at a share volume of 1.79 million compared to average share volume of 1.19 million. After the recent decline, the market capitalization of EBIO stood at $10.40 million.
The news
Eleven Biotherapeutics, a biopharmaceutical firm discovering and advancing protein therapeutics to cure diseases of the eye, issued financial report for the fourth quarter and fiscal ended December 2015. The revenue in 4Q2015 came at $0.6 million compared to $0.4 million for the comparable period in 2014. For FY2014, the revenue was $1 million compared to $2.2 million a year earlier.
Abbie Celniker, Ph.D., the CEO and President of Eleven Biotherapeutics, said that they continue to seek to add value by developing internal development programs and are well on target to submit investigational NDA for EBI-031 during 2Q2016. The company has sufficient funds to support operational activities as they engage in an ongoing assessment of external strategic alternatives intended to increase shareholder value.
Eleven Biotherapeutics reported top-line data from the Phase III clinical study of isunakinra for the cure of severe allergic conjunctivitis.
Strategic update
Eleven Biotherapeutics is in the process of assessing a range of strategic options with an objective of maximizing shareholder value. Potential strategic options to be explored and assessed during this review process may cover the strategic deal, the sale of the firm, or the licensing, divestiture or sale of some of the proprietary technologies. Last month, the company paid the outstanding funds owed to Silicon Valley Bank.
In the recent development, Eleven Biotherapeutics reported that Albumedix acquired its Supermin® albumin variant assets so as to enhance the systemic offerings profile of drugs. The company has retained the right to the technology license for internal research.
