Why Shares Of Eyegate Pharmaceuticals Spiked After Hours Monday

Eyegate Pharmaceuticals (NASDAQ:EYEG) shares are trading higher Monday afternoon after the company announced it entered a non-binding letter of intent to acquire Bayon Therapeutics for roughly $7.1 million.

Bayon Therapeutics is an ophthalmic specialty pharmaceutical company. 

Eyegate also announced the appointment of Brian M. Strem as President and CEO. Strem is a Co-Founder and Managing Director of Bayon Therapeutics.

EyeGate Pharmaceuticals, Inc., a clinical-stage pharmaceutical company, focuses on developing and commercializing products for treating inflammatory and immune diseases with a focus on the eye and nervous system in the United States.

At the time of publication, shares were trading 103.8% higher at $6.36. The stock has a 52-week high of $8.18 and a 52-week low of $3.11. 

See also: BEST PHARMACEUTICAL STOCKS