Eyenovia shares rocket on positive results in trial of device used to cause dilation of the eye

Shares of biotech Eyenovia Inc. rose 78% in premarket trade Wednesday, after the company reported positive results in a late-stage trial of a device that causes dilation of the eye. The New York-based company said results from the MicroStat Phase 3 MIST-1 study showed a statistically and clinically superior effect using a fixed-combination formulation than either component formulation. "We believe this is the first time in a Phase III FDA registration program that drugs have been delivered to the ocular surface using a smart microdose eyedropper-free delivery system -- a meaningful step forward as we try to modernize the legacy eyedropper paradigm," Eyenovia CEO and chief medical officer Sean Ianchulev said in a statement. The treatment is expected to make in-office eye exams easier and more efficient.

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