Eyegate Pharmaceuticals Spikes 12%, Company Eligible To Receive Milestone Payment From Valeant - AB Corporate Bond ETF (NASDAQ:EYEG)

Shares of

Eyegate Pharmaceuticals IncEYEG

, a nano-cap clinical-stage specialty pharmaceutical company that focuses on treatment for diseases of the eye, gained more than 12 percent on Wednesday. Eyegate

announced that it has received an additional development milestone from Valeant Pharmaceuticals Intl Inc VRX as part of an existing license agreement for the development and commercialization of

EGP-437

combination product in the field of uveitis. EGP-437 is EyeGate's first and only product in clinical trials. The company is eligible to receive milestone payments totaling up to $32.5 million. Stephen From, President and Chief Executive Officer of EyeGate Pharmaceuticals commented, "I am pleased with the progress we have made in our collaboration with Valeant. This milestone payment is a reflection of the continued advancement of EyeGate's drug development initiatives and further demonstrates the utility of our lead candidate, EGP-437 combination product, in anterior uveitis."

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